Search results with tag "For class test 1"

PRINCIPLES OF MICROECONOMICS NOTES [For Class Test 1]

PεD > 1 Elastic [Q D is highly responsive to Δs in P] PεD = 1 Unit elastic [Q D is equally proportionally responsive to Δs in P] PεD < 1 Inelastic [Q D is not very responsive to Δs in P] Price elasticity of demand and total revenue Nb. The numbers are not important in …

  Notes, Principles, Tests, Unit, Class, Unit 1, Microeconomics, Principles of microeconomics notes, For class test 1