If the demand for product x is inelastic, a 15 percent decrease in the price of x will: Reduce by more than 15 percent the amount of X that is being requested. Reduce by less than 15 percent the amount of X that is being requested.
This is further explained below.
<h3>What is the inelastic market?</h3>
Generally, An economic concept known as inelastic refers to an item or service's static quantity when its price varies. When a product's price increases or decreases, customers' purchasing patterns are said to be inelastic, which indicates that neither change affects the other.
In conclusion,If there is no elasticity in the demand for product x, then a price reduction of 15% for product x will have the following effects: The quantity of X that is being requested should be decreased by more than 15 percent. The quantity of X that is being sought should be decreased by more than 10 but less than 15 percent.
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Answer:
Explanation:
Labor Input Physical output
10 500
11 600
12 690
13 760
14 800
marginal output of 11 th labor = 600 - 500 = 100
price of each product = 7
marginal revenue product of 11 th labor 7 x 100 = 700
B )
price of each of the goods sold = 10
marginal factor cost of labour = 700
minimum no of goods to be sold to cover the labour cost
= 700 / 10 = 70
no of goods added due to addition of 11 the labour = 100
no of goods added due to addition of 12 the labour = 90
no of goods added due to addition of 13 the labour = 70
so no of units of labor upto which the firm will continue to hire
= 13 .
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Answer:
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Explanation:
