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What is rationing function of price?

Anonymous

∙ 7y ago

Updated: 4/28/2022

Provided that the product is not a Veblen or a Giffen good, as its price increases fewer people can afford the commodity and so the demand for it decreases. This is a form of rationing in which the poorest people are priced out of the market.

Wiki User

∙ 7y ago

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Continue Learning about Other Math

Rationing is a common form of distribution in a?

Rationing is a common form of distribution in a centrally-planned economy.

Which of these is most likely to lead directly to a black market?

Rationing

When did food rationing stop?

At midnight on the 4th July 1954. ____________ It varied from country to country. For example, West German abolished rationing in April 1950 - over four years before Britain.

What is a linear demand function?

It is a function of the form D = ax + b where a and b are some constants and x is a variable which is linearly related to the demand. x could be the price of the goods in question, or be the price of a complementary good, a substitute, or it could be income, or time. Also, a linear relationship does not mean a causal relationship.

How do you interpret a shadow price of zero?

If there is a shadow price of zero it means it is a non binding constraint and the RHS of the constraint can be changed up to the allowable increase or decrease without changing the value of the objective function.

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