What do economists call elasticity?
Economists generally support international trade.
Capital investment.
Economists generally assume that the economy will behave in an understandable way.
Elasticity of demand will help managers determine what behaviors affect customer's buying behavior. Price elasticity will tell managers whether they can change the price of products or not.
There must be a change in the price to calculate the price elasticity. Elasticity depends on the changes in the demand of a good or service based on the change in the price of a good or service.
it is what elasticity of demand
The lowest elasticity of demand is when no change in price, whether increase or decrease, changes the demand for a product.Ê It's used by economists to predict how sensitive a product is to a price change.
mixed economies
Economists call the things that firms sell which cannot be touched or seen goods and services.
Economists call the things that firms sell which cannot be touched or seen goods and services.
Economists call the things that firms sell which cannot be touched or seen goods and services.
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
Cheese
the business cycle
Goods
Economists call opportunity cost the next best alternative that has been given up. This is the cost of forgoing something and picking an alternative like using college fees to start a business.
market failer