• Card 9 / 47: Demand is said to be inelastic when:
A) the percentage change in quantity demanded is greater than the percentage change in price of a good
B) in a linear demand curve, quantity demanded is close to zero (given the price) so that the percentage change in quantity demanded will be very high
C) the percentage change in price exceeds the percentage change in quantity demanded of a good
D) a relatively small change in price results in a relatively big change in quantity demanded

C) the percentage change in price exceeds the percentage change in quantity demanded of a good

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Discuss the following questions in detail. 1, Suppose a firm operating under a perfectly competitve market structure is in its equilibrium. Does mean the firm is making excess profit?if no, show the possibilities regarding the amount of profit under equilibrium position. 2, Discuss the distinction b
in long run a perfectly competitive firm is making only normal profits ,
Rather
Can I be part of this discussion?
James
of course
Rather
what is microeconomics
Workout. Show the steps clearly. 1, Suppose a firm in a perfectly competitive market structure has the following total cost function, ( TC=6000+4Q-24Q the power 2 + 4Q the power 3 ) if market ptice is 40, find A, Equilibrium level of output produced by the firm in order to maximize its profit. B,
Discuss the following questions in detail. 1, Suppose a firm operating under a perfectly competitve market structure is in its equilibrium. Does mean the firm is making excess profit?if no, show the possibilities regarding the amount of profit under equilibrium position. 2, Discuss the distinction b
Sura
given the dimand equation QD=24-2p find the inverse dimand equation ?
you m.i.l subject
Raj
you know m.i.l subject
Raj
shift in demand curve
Oluyemi
nice to meet with you
Tanbir
hello...
Ajay
hi
Arslan
dipanshu
why in monopolistic competition the demand curve shifts to the left
Because the players are few and due to the fact that their products are differentiated, they have market influence on either price to be charged or quantity to be offered to the market
Diyaolu
given Tc=10 +6Q-0,9Q2+0,05Q3 what is Tvc ? ATc ? mc?
Tvc=6q-0.9q2+0.05q3
Diyaolu
Atc=10/q-0.9q+0.05q2
Diyaolu
Mc=6-1.8q+0.15q2
Diyaolu
why demand curve shifts to left in long run
because in long run when the demand of product is more so price will be more and due to increase in price of quantity demanded will be less and demand curve will shift left gradually
Iqra
Shift in demand curve is caused by a number of factors like taste, fashion, population amongst others and depending on whether the factors are positive or negative, that would determine the shift of the demand curve whether left or right and not whether short run or long run
Diyaolu
what is focus of microeconomics
Why we do specialize?
it coz of getting more outcome by injecting less time with the help of knowledge and skills along with less amount of mistakes
specialization is a method of production wheraby an entity focuses on the production of a limited scope good to gain in a degree of efficiency
Mahmood
what is market structure
Mahmood
what is market structure
Rehab
what is monopolystic
type of goods and services
There are two types of goods which are capital and consumer goods
Muafue
what is microeconomics
Mahmood
micro-economics is the study of how firms and households make decisions and how they interact
discuss separately how scarcity arises for house holds, business and government
Hawa
who gave the concept of perfect competition in economics?
Léon Walras gave the first definition of perfect competition
no, it was me😂
Nancy
What is Indifference curve?
Ch
Perfect competition is an idealized market structure that achieves an efficient allocation of resources.
Daauud
what are the conditions for determining the nature of goods in partial differentiation
Unique
what is economics
is a science which study human behaviour as relationship between ends and scarce means hav altenative uses
Herieth
what are the other factors of demand