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How do you calculate arc elasticity of a commodity?
You calculate the arc elasticity of a commodity by dividing the change in demand by the average price, and then dividing that answer by the change in price divided by the average demand. So you will have (change in demand/average price)/(change in price/average demand).
Which concept of revenue is called price?
Average revenue is nothing but the price of the product. Average revenue is the same as price of the commodity
How does price of commodity influence supply?
It's actually the other way around: the supply of a commodity influences its price, in that the more of the commodity you have, supposedly the lower the price to get people to buy more of it.
Is price of a commodity is study of microeconomics or macreconomics give your reason?
price of a commodity is a study of microeconomics as it deals with the behaviour of individual economic units or commodity.
How is the law of supply similar to the law of demand?
If the demand for a commodity increases, but the supply does not increase equally, the price will increase. If the supply of a commodity increases, but the demand for that commodity does not increase equally, the price will decrease. If the demand for a commodity decreases, but the supply does not decrease equally, the price will decrease. If the supply of a commodity decreases, but the demand does not decrease equally, the price will increase.
How do you calculate arc elasticity of a commodity?
You calculate the arc elasticity of a commodity by dividing the change in demand by the average price, and then dividing that answer by the change in price divided by the average demand. So you will have (change in demand/average price)/(change in price/average demand).
How can you calculate price?
modal price is the price on which maximum transaction od a commodity takes place.
How do you calculate the chain index number?
Divide the price of the commodity in the given year by the price of the commodity the year before. Then, multiply that number by 100.
How do you calculate net price?
To calculate the net price of a given commodity, subtract the expresses from the gross prices. The new figure is will be the net price.
How do you calculate net-price?
To calculate the net price of a given commodity, subtract the expresses from the gross prices. The new figure is will be the net price.
How do you calculate Average selling price?
how to calculate average selling price
Which concept of revenue is called price?
Average revenue is nothing but the price of the product. Average revenue is the same as price of the commodity
What is a commodity index used for?
A commodity index is something that tracks the price of different commodities. It often uses the average price of commodities, and is designed to encompass all types of commodities such as petrol and metals.
How does price of commodity influence supply?
It's actually the other way around: the supply of a commodity influences its price, in that the more of the commodity you have, supposedly the lower the price to get people to buy more of it.
Is price of a commodity is study of microeconomics or macreconomics give your reason?
price of a commodity is a study of microeconomics as it deals with the behaviour of individual economic units or commodity.
How is the law of supply similar to the law of demand?
If the demand for a commodity increases, but the supply does not increase equally, the price will increase. If the supply of a commodity increases, but the demand for that commodity does not increase equally, the price will decrease. If the demand for a commodity decreases, but the supply does not decrease equally, the price will decrease. If the supply of a commodity decreases, but the demand does not decrease equally, the price will increase.
State what the law of supply and demand shows and describe how it works?
If the demand for a commodity increases, but the supply does not increase equally, the price will decreaase. If the supply of a commodity increases, but the demand for that commodity does not increase equally, the price will increase. If the demand for a commodity decreases, but the supply does not decrease equally, the price will increase. If the supply of a commodity decreases, but the demand does not decrease equally, the price will decrease
