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Point Elasticity:
Point elasticity is brought in use when the change in price is quite small, which means. The two points between which elasticity is being measured or calculated essentially collapse on each other. Differential calculus is used to calculate the instantaneous rate of the change of quantity with respect to changes in cost
(dQ/dP) and after this it is multiplied by P/Q, where P and Q are the coat and quantity obtaining at the instant of interest. The formula for point elasticity can be given as:
?=?QxP
? P Q
Or this formula can also be written as follows:
?=dQxP
d P Q
Where d = infinitely small change in cost.
What is the difference between change in quantity demanded and change in demand
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If Kansas can formed either 400 tons of wheat or 100 tons of corn and Nebraska can formed 300 tons of corn or 200 tons of wheat then it makes sense for the two states to specialize
What is the resultant pressure if 2.7 mol of ideal gas at 273 K and 2.51 atm in a closed container of constant volume is heated to 399 K
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Aggregate Demand When referred to in the circumstance of GNP or GDP, aggregate demand dealings the sum of what is spent by various parties in the United States for product and
What are the types of demand
Indifference curve definition
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