Illustrates the relatively elastic demand
Illustrates the relatively elastic demand?
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Relatively elastic demand
Now there a small change in price leads to very huge change in quantity demanded. In such case demand curve will be fatter single and ep> 1 (one).
Illustrates the factors changes in demand?
The labor supply curve facing a firm or industry is all the time upward sloping still when individual labor supply curves are backward bending since: (w) at higher wages everyone will supply more hours of work. (x) firms never pay wag
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What is the difference between economics and managerial Economic?
A firm maximizes profit through hiring labor at the point where labor’s: (1) marginal physical product equals its average physical product. (2) marginal revenue product equals its marginal resource cost. (3) rate of exploitation is greatest. (4)
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
Gilligan is hiring new workers to help run his Island Getaway resort. Gilligan makes a decision that he will not hire a new worker unless they have been properly trained and certified into wilderness survival and have a license by the government to operate watercraft.
State the laws of production.
what are the criteria for good forecasting
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