What is the slope of the Engel curve for a Giffen good?
For a Giffen good, as income increases, the quantity demanded actually decreases because these goods are inferior goods with a strong income effect that outweighs the substitution effect. Therefore, the Engel curve, which shows the relationship between income and the quantity demanded, is negatively sloped for a Giffen good.
A shopkeeper sold a school bag at a profit of 60%. Had he sold the school bag at 20% profit he would have earned Rs.164 less. Find the cost price of the...
The cost price of two articles is same. One article is sold at 40% profit and another at 10% loss. If the selling price of one article is Rs. 700 more t...
While selling a Bike, Max gives a discount of 25% on the marked price. If he gives a discount of 30%, he earns Rs. 120 less as profit. The marked price...
A bought a laptop for Rs.20000. He spent 20% of the amount that he had paid for buying it for its repair. He then sold the laptop to B and earned a prof...
Ajay bought a table Fan and a wall Fan for Rs. __ and Rs. 1500 respectively. He marked the table Fan 20% above the cost price and the Wall fan 25% above...
A jeans is listed at Rs. 2,500 and the discount offered is 15%. What additional discount must be given to bring the net selling price of Rs. 1,950?
Determine the original price of an item purchased by A from a shopkeeper. A received a discount of 20%, while B bought the same item with a 37.5% discou...
A shirt is marked 30% above the cost price and sold after a discount of Rs.200 at Rs.398. Find the cost price of the shirt.
A Shopkeeper gives 4 articles free on the purchase of every 12 articles. He also allow a discount of 20% to customer and still earn 20% profit. Find the...
A seller marked his article 70% above the cost price and sold it after offering two successive discounts of 60% and 25% respectively. In the whole trans...
