The concept of elasticity of demand is used by trade union leaders in collective bargaining. For instance, the trade union leaders can bargain for higher wages if they know that the demand for their labour is inelastic.
a) Meal planning saves time and energy-
For example- buying all the required ingredients together from the market if meals are planned
b) Variety in terms of colour while planning meals-
For example...
Role of prominent leaders of the Revolt of 1857.
(i) In Kanpur, Nana Sahib, the successor of Peshwa Baji Rao II became the leader of the revolt.
(ii) In Jhansi, Rani Lakshmi...
Elastic demand for a good implies that the demand for a good is highly responsive to its price. In this case, the percentage change in demand is greater than the...
A commodity that can be used for different purposes (such as milk) will have an elastic demand. This is because if the price of this commodity increases, it will be...
In international trade, the concept of elasticity of demand plays an important role. This concept proves helpful in determining the norms that would prove beneficial for international trade. For instance,...
Yes, I agree with the statement because most of the leaders of national movement joined politics and tried to be in power to solve the problems of the people.
Recycling materials helps the environment by reducing wastages and improves the efficiency too. It reduces the cost of production hence increases the profitability.
