What is total expenditure

Reference no: EM131403931

1. We learned that economists have special terms for elasticities of particular magnitudes. Name the magnitudes for the following: inelastic, elastic, unit elastic, perfectly elastic, and perfectly inelastic.

2. What is total expenditure? Total revenue?

3. Why must you know the price elasticity of demand to be able to predict the effect of a change in price on total expenditure?

Reference no: EM131403931

Questions Cloud

What are some weaknesses of cultural and ethical relativism : What are some weaknesses of cultural and ethical relativism? Please provide examples. Are all ethics relative to an individual, group, culture, religion or nation? Why or why not

What are the corresponding cmos linewidths : What should the oxygen flow be in a horizontal batch furnace to make sure that oxidation is not mass transfer-limited? Write out and justify the assumptions you need in your solution.

What did you learn about columbus in school : In your Discussion Board post, ANALYZE just why it's important to consider multiple perspectives when studying a subject. Consider the following when posting: What did you learn about Columbus in school? How does Zinn's writing affect your opinion..

What features and benefits will most likely appeal to buyer : How should Ron plan to approach this buyer? What features and benefits will most likely appeal to this buyer? What type of selling tools will help make the demonstration most effective?

What is total expenditure : We learned that economists have special terms for elasticities of particular magnitudes. Name the magnitudes for the following: inelastic, elastic, unit elastic, perfectly elastic, and perfectly inelastic.

What is the difference between an elasticity and slope : What happens to equilibrium price when demand and supply shift in the same direction? What happens to equilibrium quantity in the same situation?

Define market equilibrium : Define market equilibrium. What is true of the quantity supplied and demanded at the market equilibrium?

Identify any two events that are mutually exclusive : Using the table in given Exercise, what is the probability that a randomly selected victim would have been at least 60 years old and have had a blood alcohol level of at least 0.10%?

Why is the supply curve upward-sloping : What is an inverse supply curve? Why do economists often represent supply using the inverse supply curve?

User Account

All Pages