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measure of the average responsiveness of quantity to price over an interval of the demand curve. = change in quantity/ Quantity ___________________________ change in price/ Price
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What is a purely competitive industry?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero economics profits.
What will be the total higher quantity do in the elastic inelastic and unit-elastic?
The midpoint between elastic and inelastic is unit elastic
What is the Price elasticity of demand in each of the four market structures - perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
Methods of calculating price elasticity of demand?
(1) Total outlay or Expenditure Method (2) Proportionate or Percentage Method (3) Point Elastic Method (4) Arc Elasticity of Method (5) Revenue Method
What are the types of supply elasticity?
Types of elasticity of supply1) Perfectly elastic supply2) Relative elastic supply3) Unitary elastic supply4) Relatively in elastic supply5) Perfectly in elastic supply
True or False the steeper the demand curve the less elastic the demand curve?
It is false that the steeper the demand curve the less elastic the demand curve. The steeper line is used in economics to indicate the inelastic demand curve.
What is a Pure competition?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero Economics profits.
What is pure competitive?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero Economics profits.
What is a purely competitive industry?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero economics profits.
Can be stretched and then return to its own shape?
elastic
What is unitary elasticity?
The term unitary elastic is used in economics and is also known as unitary elastic demand or unitary elasticity. It is a measure that is used to show the elasticity of the amount demanded of a product to a change in the price of the product.
What is the suffix for elastic?
suffix for elastic
Why is Elastic Clause called Elastic Clause?
It is called Elastic Clause because it can be stretched like elastic.
What will be the total higher quantity do in the elastic inelastic and unit-elastic?
The midpoint between elastic and inelastic is unit elastic
What is the Price elasticity of demand in each of the four market structures perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
What is the Price elasticity of demand in each of the four market structures - perfect competition monopoly monopolistic competition and oligopoly?
Perfect competition is perfectly elastic (taken from my Economics textbook)...still searching on the other three.
What is elastic and inelastic collisions in terms of momentum?
what is elastic and inelastic collision what is elastic and inelastic collision what is elastic and inelastic collision
