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Economics Commentary
Essay specific features
Written by:
Erin H
Date added:
June 28, 2017
Level:
University
Grade:
B
No of pages / words:
3 / 671
Was viewed:
8074 times
Rating of current essay:
Essay content:
Consumers are said to be rational thinkers and will purchase those goods and commodities so as to achieve highest total satisfaction from their income. The elevation in the price of petrol and diesel has constrained the tastes of the people who now have the ability to buy a 100cc bike rather than a 125cc bike due to increase in the price of petrol...
displayed 300 characters
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The elevation in the price of petrol and diesel has constrained the tastes of the people who now have the ability to buy a 100cc bike rather than a 125cc bike due to increase in the price of petrol. This is known as the substitution effect which is one of the major reasons responsible for the downward shape of the demand curve...
displayed 300 characters
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