Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Perfectly Inelastic (Zero Elastic) Supply
Supply is said to be perfectly inelastic if the quantity supplied is constant at all prices. The supply curve is a vertical straight line and the elasticity of supply is equal to zero.
When price rises from P1 to P2, quantity supplied stays fixed at q, and when price falls from P2 to P1, quantity supplied stays fixed.
In the case of a price rise, this is the situation of the very short-run or the momentary period which is so short that the quantity supplied cannot be increased, e.g. food brought to the market in the morning. It is also the case where the commodity is fixed in supply e.g. land. In the case of a price fall, this is the case of a highly perishable commodity which cannot be stored, e.g. fresh fish.
Fixed costs are those that are independent of output. They should be paid even if firm produces no output. They wouldn't change even if output changes. They remain fixed whether ou
incrimental principle
Enumerate the Scope of managerial economics The scope of managerial economics contains following subjects: 1. The Theory of demand 2. The Theory of production 3. The
Types of Price Elasticity of demand a) Perfectly inelastic demand Demand is said to be perfectly inelastic if changes in price have no the quantity demanded so
FACTORS RESPONSIBLE FOR WAGE DIFFERENTIALS WITHIN THE SAME OCCUPATION i. Differences in the environment: For example a doctor sent to North Eastern Province must be pai
SHORT RUN EQUILIBRIUM OF THE FIRM A firm is in equilibrium when it is maximizing its profits, and can't make bigger profits by altering the price and output level for its prod
Let there be two consumers A and B, each buying at most two units of a good. A values having one unit at £10 and having two units at £12 whereas B values having one unit at £8 and
distinguish between industry demand and firm demand..
monopoly
Rail Tours sells packaged tours on rail lines, including gourmet meals and a reserved bed. The most popular tours are in the autumn when colors are at their peak. The overnight pac
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd