Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
A). 10%
B). 30%
C). 3
D). 1
3
Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is 3.
1. Demand for intermediate consumption arises in
2. Equilibrium in the market for good A obtains
4. Total utility of a commodity is measured by which price of that commodity?
5. According to Keynes, interest is a payment for
7. Under ______ market condition, firms make normal profits in the long run.