Answer:
c. total revenue does not change.
Explanation:
A price elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in price of the product, all things being equal.
Mathematically, the price elasticity of demand is given by the formula;
The demand for goods is said to be elastic, when the quantity of goods demanded by consumers with respect to change in price is very large. Thus, the more easily a consumer can switch to a substitute product in relation to change in price, the greater the elasticity of demand.
Generally, consumers would like to be buy a product as its price falls or become inexpensive.
For substitute products (goods), the price elasticity of demand is always positive because the demand of a product increases when the price of its close substitute (alternative) increases.
If the price elasticity of demand for a product equals 1, as its price rises the total revenue does not change because the demand is unit elastic.
Answer:
<u>Macro-environment:</u>
- Media: The low positioning of the Colorado School framework is getting a great deal of inclusion in predominant press and online life
- GenX: GenX's posterity are starting to enter auxiliary schools. This age requests a tech-rich encounter for it's youngsters
- Monetary Downturn: As the economy eases back, less families can bear to send their children to tuition based school, bringing about expanded government funded school enlistments
<u>Micro-environment:</u>
- Bring your own tech More schools are urging their understudies to cell phones and tablets to class which permits students to discover data online instead of in reading material.
- Finance Department: Financial investigators propose that a 10% cut in costs is vital one year from now to expand Gerfachs return on deals
- Contenders: Gerfach faces expanding rivalry from firms that produce digital books as it were
Answer:
Explanation:
In a situation such as this one the individual workers and their families may be better off or may actually do worse due to the real wage rises in terms of agricultural goods but the real wage in terms of the manufactured goods will actually fall. Therefore it depends on the worker's unique situation and in which sector they are in which determines if they are better or worse.
Answer:
B. average total cost
Explanation:
In the terms of economics, the Average total cost is the cost which is obtained by dividing the total production cost involved by the total number of output units.
The average total cost also determines the cost per unit for a product.
It helps in deciding the selling cost of the product for a specified profit margin.
The agricultural worker that cuts down trees with chain-saws is a lumberjack.
