Explain the infinitely elastic demand
Explain the infinitely elastic demand.
Expert
Perfectly elastic demand also called infinitely elastic:
While a small change in price leads to infinite change in quantity demanded, this is termed as perfectly elastic demand. But the demand curve is a horizontal straight line as specified below. Where ep= ∞ (infinity)
States the Scarcity Definition in economics?
What are the types of business cycle?
States the functions and responsibilities of managerial economist?
One purpose that firms hire labor at the point where w is equal to P x MPPL is: (1) if w < P x MPPL, the cost (w) of hiring additional workers exceeds the gains (P x MPPL) of hiring them, therefore they would hire fewer workers. (2) when w > P x
Workers who keep their jobs will be more productive after firms adjust to raises in: (1) competition in an industry. (2) wages. (3) technological advances. (4) capital costs. (5) government regulation. Hey friends please give your
what are the criteria for good forecasting
Help to achive the other objectives of the firm like industry leadership,expansion implementation of policies
Illustrates the types of revenue?
Suppose that price is greater than average variable cost. When a perfectly competitive seller is producing at an output therefore price is $11 and the marginal cost is $14.54, in that case to maximize profits the firm must: w) continu
Explain about the term smoothing techniques.
18,76,764
1945063 Asked
3,689
Active Tutors
1417219
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!