What is the revenue of a firm
Revenue of a firm: It is the sale or money receipts from the sale of product.
When both population and per capita income grow across time, in that case your income will tend to be most erratic but the goods you sell are: (1) both income inelastic and price inelastic within demand. (2) a large part of classical
When a $5 price hike raises the number of tanks of dehydrated water supplied in this market from point e to point f, the elasticity of supply: (i) 2.333. (ii) 2.000. (iii) 1.667. (iv) 1.333. (v) 0.600. How can I so
Inferior good: It is a good for which, other things equivalent, a rise in income leads to a reduction in demand.
The relative monetary values an individual consumer subjectively puts on containing a bit more or less of a good are termed as: (i) Consumer preferences. (ii) Demand prices. (iii) Psychic prices. (iv) Subliminal prices. (v) Consumer utilities.
In this demonstrated figure, the total revenue: (w) varies inversely along with price in range b. (x) is minimized at the midpoint of the demand curve. (y) remains unchanged like price changes within range b. (z) will raise as price falls within range
Describe the law of demand with help of a schedule diagram? Answer: The Law of demand states that there is an inverse relationship among the price of a commodity an
While this firm maximizes economic profits, in that case marginal revenue and marginal costs would be: (1) $4 per unit. (2) $6 per unit. (3) $8 per unit. (4) $10 per unit. (5) $12 per unit.
Write down the differentiations between monopoly competition and perfect competition?
Normal 0
A large negative GDP gap implies: A) an excess of imports over exports. B) a low rate of unemployment. C) a high rate of unemployment. D) a sharply rising price level.
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