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.
Write down the limitations of Marginal Costing?
Investment in human capital is not essentially involved while: (w) people acquire and sharpen new productive skills. (x) a person attends college and learns engineering. (y) a person jogs to stay in shape. (z) the marginal productivity of labor increa
What is Diminishing Returns to Scale?
The observations that whenever output is expanded, the costs ultimately grow faster than output, and that the enjoyment people receive from consuming additional units of a specific good ultimately declines, both pursue logically from the law of: (1) Unexpected effects
Explain the Opinion Survey method of Demand Forecasting.
Since an economy moves downward all along the production possibility frontier which is concave from beneath, the: (1) Opportunity cost of the good whose production goes increasing. (2) Law of rising returns outcomes ever lower costs. (3) Dollar value
Suppose that the auto market started at the intersection of S0 and D0, and subsequently higher labor costs drove up prices for latest cars. How will it influence the market for automobiles?: (w) Higher wages for auto workers drive up the total ma
what is exceptional demand curve and its explanation?
Illustrates the Demand function of a commodity?
When we try to list labor supplies from least elastic to most elastic, in that case the most accurate ranking would most likely be: (1) competitive firm, minute industry, highly skilled occupation. (2) economy, skilled occupation, competitive firm wit
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