"The price which is necessary to retain a given unit of a factor in a certain industry may be called its transfer earnings or transfer price." Defined by
| A. | Prof. Lipsey |
| B. | Alfred Marshall |
| C. | Robertson |
| D. | Joan Robinson |
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Option: A Explanation : Click on Discuss to view users comments. |
The real aim of production is
| A. | To eliminate poverty |
| B. | The create material goods |
| C. | To satisfy people's wants |
| D. | To provide basic necessities |
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Option: C Explanation : Click on Discuss to view users comments. |
Cross elasticity of complementary goods is
| A. | Negative |
| B. | High |
| C. | Zero |
| D. | Infinite |
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Option: A Explanation : Click on Discuss to view users comments. |
Marginal revenue will be zero if the elasticity of demand is
| A. | Equal to zero |
| B. | Greater than one |
| C. | Equal to one |
| D. | Less than one |
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Option: C Explanation : Click on Discuss to view users comments. |
Match the following :
(A) For a given 10 percent 1. e > 1 change in price, demand changes by zero percent
(B) For a given 10 percent 2. e - 1 change in price, demand changes by 5 percent
(C) For a given 10 percent 3. e < 1 change in price, demand changes by 10 percent
(D) For a given 10 percent 4. e = 0 change in price, demand changes by 20 percent.
| A. | (A) (B) (C) (D) 1 2 3 4 |
| B. | (A) (B) (C) (D) 4 3 2 1 |
| C. | (A) (B) (C) (D) 3 1 2 4 |
| D. | (A) (B) (C) (D) 2 3 1 4 |
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Option: B Explanation : Click on Discuss to view users comments. banriline kharjana said: (6:12am on Tuesday 29th May 2018)
dont understand the calculation
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