Explain the term relatively inelastic demand
Explain the term relatively inelastic demand.
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Relatively inelastic demand:
Now there quantity demanded changes less than proportionate to variation in price. A huge change in price leads to small change within demand. In SUCH case demand curve will be steeper as well as ep<1.
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This supply of labor of worker is perfectly inelastic at point: (w) point a. (x) point b. (y) point c. (z) point d. Q : Explain the role of demand factor in Explain the role of demand factor in pricing briefly.
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Illustrates the term economic cost concept briefly?
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