(a) -0.2 -> Inelastic, a 1% increase in the price will result in a 0.2% decrease in quantity demanded. Show
price elasticity at a point = partialQ/partialP * P/Q (b) 0.2 -> Inelastic, a 1% increase in the price of the substitute will increase the quantity demanded by 0.2%. cross price elasticity at a point = partialQ/partialPS *PS/Q
Which of the following statement is true of relationship among the average cost function?AVC = AFC + ATC
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Which one of the following statements is true to the relationship between marginal cost function and average cost function?If MC is less than ATC, then ATC is increasing.
Which of the following statement about average cost is correct?1 Answer. (c) When the Average Cost is rising, the Marginal Cost is above the average cost.
Which statement is true ATC AVC AFC?Solution(By Examveda Team)
AFC + AVC = ATC is true.
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