States the Extension and Contraction of Demand
States the Extension and Contraction of Demand.
Expert
Demand may change because of various factors. In demand, change because of change in price only, here other factors remaining constant, this is termed as extension and contraction of demand. A change in demand solely because of change in price is termed as extension and contraction. While the quantity demanded of a commodity rises because of a fall in price, this is termed as extension of demand. Conversely when the quantity demanded falls because of a rise in price, it is termed as contraction of demand.
A decline within consumer demand for a good tends to reduce demands for: (w) inferior goods. (x) alternative products. (y) resources producing the good. (z) union wage increases. Hey friends please give your opinio
A government-supported literacy program provided from a firm which primarily employs unskilled labor is an illustration of an investment in: (1) human capital depreciation. (2) business paternalism. (3) specific training. (4) laissez-faire economics.
Assume that you require studying six hours per week to earn a ‘C’, nine hrs a week to earn a ‘B’, and 15 hrs per week to earn an ‘A’. This would mean: (i) Raising returns to hrs studied. (ii) Diminishing returns to hrs studied. (iii
Illustrates the fixed and variable inputs in economics?
What are the differences between differential cost and explicit cost?
Into the short run, the labor supply in an economy based least on: (1) population size and labor force participation rate. (2) individuals’ preferences between leisure and income from work. (3) the demand for labor. (4) rates and structures of w
Explain the cost concepts briefly.
Illustrates the economies of scale are categorization?
Inefficiency may exist within a labor market while a firm only hires labor up to a certain point where: (w) the value of labor’s marginal product equals the wage rate. (x) VMP > MRC. (y) MPPL = w/P. (z) the last unit of labor adds as much to
THE PRICE OF OIL IS $30 PER BARREL AND THE PRICE ELASTICITY IS CONSTANT AND EQUAL TO -0.5.AN OIL EMBARBGO REDUCES THE QUANTITY AVAILABLE BY 20 PERCENT.USE THE ARC ELASTICITY FORMULA TO CALCULATE THE PERCENTAGE INCREASE IN THE PRICE OF OIL
18,76,764
1935883 Asked
3,689
Active Tutors
1452807
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!