Explain the meaning of Elasticity
Explain the meaning of Elasticity?
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Elasticity of demand can be explained as “the degree of responsiveness within quantity demanded to a change in price”. Therefore it represents the rate of change into quantity demanded because of a change in price.
What are the characteristics of a business cycle?
The firm or individual responsible for paying a specified tax to the government bears: (w) stigma of being a tax evader when it is completely forward shifted. (x) full tax burden only when the tax is backward shifted. (y) legal incidence of the tax. (z) reduction in p
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
Illustrates the pricing policies briefly?
Differentiate between Private Cost and Social Cost.
explain the different phases of business cycle
Explain the Cross elasticity of demand.
What are the external factors in governing prices?
A cartel tends to be more successful mainly while this can stop: (1) cheating between its members. (2) increases in the demand for its product. (3) joint profit maximization. (4) international trade. (5) an increase in the price of its product. <
The theory which the economic rent on agricultural land depends upon how much extra production is gained relative to the production which could be realized on land not rather worth cultivating is attributable to: (1) Johann H. von Thünen. (2) Ada
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