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.
Profit-maximizing firms which operate in competitive resource and output markets adjust labor inputs till the wage rate equals the: (1) average revenue from output. (2) output price equals average variable cost. (3) marginal utility o
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Define the pricing of a new product.
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Explain the Geometric Method of Measurement of Elasticity.
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Concavity (or bowed-out shapes) in production possibilities frontiers is described least fine by: (i) The law of diminishing returns. (ii) Resources being unevenly suited for various forms of production. (iii) Rising opportunity costs. (iv) Non-neutra
Explain the target pricing briefly.
Refer to figure as in above. What occurs when the firm produces more than Q4 units: w) Its profit raises. x) this makes a loss. y) Its total revenue is increasing quicker than its whole cost. z) this could make a profit or a loss depending upon what occurs
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