Formulate the Cross Elasticity of demand
Formulate the Cross Elasticity of demand?
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Cross elasticity of demand can be commutated by the given formula:
Cross Elasticity =
Proportionate alteration in Quantity demanded of a Commodity / Proportionate alteration in the Price of Related Commodity
When the cross elasticity is positive then the commodities are said to be substitutes and when cross elasticity is negative so the commodities are compliments. The substitute goods (as Coffee and tea) have positive cross elasticity since the increase in the price of tea may raise the demand of the coffee and the consumer may move from the consumption of coffee to tea.
When a firm is a price taker into the labor market and the wage is $80 daily, the marginal resource cost incurred while hiring 20 more workers daily is: (w) $80. (x) $1600. (y) $800. (z) $400. Q : Physical Productivity of labor Labor’s Labor’s physical productivity based most directly on technology and the: (w) tastes and preferences of consumers. (x) transactions demand for money. (y) prices and availability of the other resources. (z) level of per capita income.
Labor’s physical productivity based most directly on technology and the: (w) tastes and preferences of consumers. (x) transactions demand for money. (y) prices and availability of the other resources. (z) level of per capita income.
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