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What is a formula for computing elasticity of demand?
The formula for computing elasticity of demand is: (Q1 - Q2) / (Q1 + Q2) ------------------------------ (P1 - P2) / (P1 + P2)
After computing a elasticity demand and it result was negative what does it implies in economic?
The price elasticity of demand should be negative. This is because the relationship between demand and price, according to the law of demand, is negative.
What is the concept of economy?
The concept of Economy is supply equals demand. Without demand there would be no supply which helps make up the economy.
When elasticity of demand for a good is exactly 1 how is demand described?
It means it is Unitary elastic.
What is core concept?
Is Need,want,demand
When is a demand curve described as price inelastic?
boobs
Marshal borrowed the concept of?
Marshal borrowed the concept of forces of demand and supply. This is a concept that had been established by Smith and Ricardo.
Why is elasticity of demand a fine theoretical concept of economists but difficult for marketers to use in practice?
it is what elasticity of demand
Where to find info on working of cloud computing?
Cloud computing is the delivery of computing as a service rather than a product, software, and information are provided to computers and other devices as a in to multiple virtual machines at run-time to meet the changing work demand.
What is the most basic concept underlying marketing?
Needs,Wants and demand
Who contributed the concept of Kinked Demand Curve?
Paw m. Swiji
Demand is a flow concept justify?
Demand is a flow concept because our willingness and ability to buy is subjected to a timeperiod. At different times, we may have different demand schedules.
