the main difference in these is this that when price of any of commodity (x,y) decrees but the budget remain same it will show price consumption curve and when income increase and the price of commodities (x,y) remain same it will show the Income consumption curve.
distinguish between price elasticity of demand and income elasticity of demand
theory of income and employment: theory of general price level and inflation theory of economics macro theory of distribution' theory of international trade
No difference. Both are the same.
Income effect-change in the amount that consumers will buy because their income changed.substitution effect-change in the amount that consumers will buy because they purchase goods instead.substitution effect the change in demand for a good when the relative price between a good and its substitute changes. income effect the change in demand for a good when the income of the consumer change.
buying price is bid, selling price is ask, difference is spread, profit is income or capital gain
Normative theory focuses on what should be done based on ethical, moral, or societal principles, while historical cost theory values assets at their original purchase price. Normative theory considers broader implications and ethical considerations, while historical cost theory is more concerned with financial accuracy and reliability.
the main difference in these is this that when price of any of commodity (x,y) decrees but the budget remain same it will show price consumption curve and when income increase and the price of commodities (x,y) remain same it will show the Income consumption curve.
distinguish between price elasticity of demand and income elasticity of demand
Revenue is the profit made from an activity, while cost is the price something is.
theory of income and employment: theory of general price level and inflation theory of economics macro theory of distribution' theory of international trade
Opponents argue that one of the primary disadvantages of the price mechanism theory is income inequality. Other disadvantages include unemployment and inflation.
price elasticity is the degree to which demand for a good will change relative to a change in the price of that good. Income elasticity is the degree to which demand for a good will change relative to a change in the spending power of the consumer. it is the percentage change in quantity demanded/percentage change in price.
Discount
No difference. Both are the same.
No difference. Both are the same.
The price elasticity refers to the change in demand due to the change in price. The income elasticity of demand on the other hand refers to the change in demand due to the change in income.