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PRICE ELASTICITY OF SUPPLY AND THE SLOPE OF THE SLOPE CURVE
For a straight line supply curve, the gradient is constant along the whole length of the curve, but elasticity is not necessarily constant. However, at any given point the steeper the supply curve, the more inelastic will be the supply. For this reason, steeply sloped supply curves are usually associated with inelastic supply and non-steeply sloped supply curves are usually associated with elastic supply.
In the first diagram, when price increases from P1 to P2, quantity supplied increases in less proportion from q1 to q2. Conversely, when price falls from P2 to P1, quantity supplied falls in less proportion from q2 to q1.
In the second diagram, when price rises from P11 to P21, quantity supplied rises in greater proportion from q11 to q21, and when price falls from P21 to P11, quantity supplied falls in greater proportion from q21 to q11.
Costs of Economic Growth (Increase in National Income) 1. People living in industrial towns suffer from the effects of a polluted atmosphere. 2. The manufacture of
Consider an economy with two individuals. Individual 1 has (inverse) demand curve for a public good given by P1=60-2Q1, While individual 2 has (inverse) demand curve for the public
Q. Explain Mark-up pricing? In addition to using above methods to conclude a firm's optimal level of output, a firm can also set price to maximise profit. Optimal markup rules
Q. Causes for diseconomies of scale? The most significant cause for diseconomies of scale is the diminishing returns to management. As the output grows beyond certain level the
We can analyse the equilibrium of a firm under Perfect Competition in both the long run as well as in the short-run. SHORT RUN EQUILIBRIUM OF A FIRM UNDER PERFECT COMPETITION
Q. Product of marginal revenue? MRPL is the product of marginal revenue and marginal product of labour or MRPL = MR x MPL. • Derivation: MR = ?TR/?Q MPL = ?Q/?L
Question: Discuss the pricing practices adopted by firms under different market structures. OR A firm produces a good, which is sold on delivery and in restaurants. The d
define scarcityand oppurtunity cost.show how these concepts are useful in managerial decision making
REGRESSIVE TAX A tax is said to be regressive when its burden falls more heavily on the poor than on the rich. No civilized government imposes a tax like this.
what is equi marginal concepts?
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