Define the term unitary elastic
Define the term unitary elastic.
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Unit elasticity of demand also called unitary elastic:
Now there the change in demand is exactly equivalent to the change in price. While both are equal, ep= 1, the elasticity is considers as unitary.
States the implicit cost concept briefly.
How is the Demand forecasting important?
An unexpectedly good agricultural harvest because of the: (w) profits of most speculators to soar. (x) population growth rate to accelerate. (y) market demand and price to increase. (z) quantity of food demanded to develop. I need
Profit maximizing firms will adjust their employment of labor till the last employee hired adds: (w) more to the firm’s revenue than this adds to cost. (x) more to the firm’s cost than this adds to the firm’s revenue. (y) an amount o
By lying off three workers, total costs of a firm fall by $210 per day, indicating that the marginal: (w) revenue product of labor is $210. (x) revenue product of labor is $70. (y) resource cost of labor is $210. (z) resource cost of labor is $70.
Define the term full cost concept.
The value of the marginal product is: (w) MPP × MR. (x) MPP × P. (y) MPP × MC. (z) MPP × MRC. Can anybody suggest me the proper explanation for given problem regarding Economics
Explain the way of Price Elasticity of Demand.
Explain the Opinion Survey method of Demand Forecasting.
Illustrates the term shot run production function?
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