Microeconomics is the study of economics which study small units of economy.
What is microeconomics and macroeconomics?
The study of economics at the individual, small group, or business level is known as microeconomics. The study of a nation's economy as a whole is called macroeconomics, in contrast. Problems that affect both people and enterprises are the main emphasis of microeconomics. Macroeconomics is the study of issues that affect both the world and the nation.
What is the purpose of microeconomics?
The decision-makers can assess and decide how the productive resources are allocated for different goods and services with the aid of a study of microeconomics. Additionally, it aids in resolving the conundrum faced by producers on what to make, how much to produce, and for whom to produce.
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Fresh Leaf’s demand for iceberg lettuce to be elastic
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Option A
<u>Explanation:
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The quantity of a product is the demand for a given time period, which the customers are prepared to buy at different prices. The price-quantity relationship required is also called the demand slope.
Demand for a good is said to have been "elastic," when a small price change leads to people wanting more or even less good. The demand for a commodity is ' inelastic ' if a small price increase does not cause people to give up what they want of it or even change what they want.
This means that the required quantity proportional change is separated by the percentage from one of the dependent variables.
Price elasticity is often used in economics to demonstrate that the quantity needed by the product or service to a rise in prices with price change are the only reactivity, or elasticity, of the product or service.
Rent control does decrease housing costs for some low income households, the savings from dwelling in these devices tends to accrue disproportionately to families who show up to be in the right vicinity at the proper time; and a couple of households in better income brackets with greater ability to secure.
According to the basic idea of supply and demand, rent control causes housing shortages that lessen the wide variety of low-profit folks who can stay in a town. Even worse, lease manipulation will have a tendency to raise demand for housing — and therefore, rents — in other areas.
Policymakers often react to the results of hire manipulation by means of implementing additional rules. As an example, there are laws that make racial discrimination in housing unlawful and require landlords to provide minimally ok residing situations. Those laws, but, are difficult and luxurious to implement.
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5.16 cubic yards is the answer.
