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The income elasticity of demand is used to predict the consumption of the goods and services that will be produced in the near future whereas, the cross elasticity helps a producer to make correct decision and predict how much the demand of their product fall with the fall in the price of its substitute. The elasticity of supply in long run is more elastic than in short run therefore, an enterprising firm can take time to produce their product in such a way that the cost of production is at its minimum, the profit at its maximum and the welfare service at the maximum. The business firm gets enough time to make decision which will help their business in increasing their sales. Therefore, it is important to make right decision to increase the revenue as well as welfare of the
It's from diary International Journal of Business and Management Invention ISSN (Online): 2319 – 8028, ISSN (Print): 2319 – 801X www.ijbmi.org Volume 3 Issue 8ǁ August. 2014 ǁ PP.01-11. The creator is Arijit Maity (Commerce Department, University of Calcutta, India). The goal is to study endeavors to cover the accompanying: to discover the effect of influencer impacting in fundamental concrete buy conduct process crosswise over different client sections. The exploration strategy is information gathering technique.
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41 Iss: 6, pp.422 – 441. • Consumer attitudes and loyalty towards store brands - Ronald E. Goldsmith, Leisa R. Flynn, Elizabeth Goldsmith and E. Craig Stacey - International Journal of Consumer Studies, Volume 34, Issue 3, pages 339–348, May 2010. • Determinants of Consumer Attitudes toward Brand Extensions - By Iyer, Shobha G.; Banerjee, Bibek; Garber, Lawrence L. - International Journal of Management , Vol. 28, No. 3.