Price elasticity is computed by
A. | ep =( (P1 - P2) / Q1 ) X ((P1+P2) / Q2) |
B. | ep = (((Q2- Q1) / Q1 ) / P1) X 100 |
C. | ep = ((Q2- Q1) / Q1 ) / ((P2 - P1) / P1) |
D. | ep = (((Q2- Q1) / Q1 ) / Product) X 100 |
Option: C Explanation : Click on Discuss to view users comments. |
Income elasticity is computed by
A. | ei = (Y2 - Y1 ) / e1 |
B. | ei = (Y1 - Y2 ) / P1 |
C. | ei = ( (Q2 - Q1 ) / Q1 ) / ( (Y2 - Y1 ) / Y1 ) |
D. | ei = (Q2 - Q1 ) / P1 |
Option: C Explanation : Click on Discuss to view users comments. |
A. | 1 3 4 2 5 |
B. | 1 5 3 4 2 |
C. | 1 3 2 5 4 |
D. | 1 2 3 4 5 |
Option: C Explanation : Click on Discuss to view users comments. |
A. | A higher indifference curve |
B. | To the left-hand side on the same indifference curve |
C. | Remains unchanged on the same indifference curve |
D. | A lower indifference curve |
Option: A Explanation : Click on Discuss to view users comments. |
A. | Only a is true |
B. | a and c are true |
C. | b and c are true |
D. | All are true |
Option: D Explanation :
Law is Based Upon Three Facts:
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