BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Results of making things whose values and limitations do not change the price of goods and services they produce
|
|
|
Price at which buyers and sellers agree to trade in a free market
|
|
|
Measure of the responsiveness of demand and supply of a good or service to an increase or decrease in its price.
|
|
|
things needed to create goods or services
|
Detailed explanation-1: -Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It is computed as the percentage change in quantity demanded-or supplied-divided by the percentage change in price.
Detailed explanation-2: -The arc price elasticity of demand measures the responsiveness of quantity demanded to a price. It takes the elasticity of demand at a particular point on the demand curve, or between two points on the curve.
Detailed explanation-3: -Elasticity of demand measures the responsiveness of the quantity demanded of the goods to a change in the price of the goods. It is calculated by diving the proportionate change in quantity demand by proportionate change in price level.
Detailed explanation-4: -Elasticity is an economic concept used to measure the change in the aggregate quantity demanded of a good or service in relation to price movements of that good or service. A product is considered to be elastic if the quantity demand of the product changes more than proportionally when its price increases or decreases.
Detailed explanation-5: -Elasticity of supply may be defined as the degree of responsiveness of the quantity supplied of a commodity to change in its price. Under this method, elasticity of supply is measured by dividing the percentage change in quantity supplied by percentage change in price.