Economics, Law of Demand, Determinants of Demand, increase and Decrease in Demand, Extension and Contraction in Demand, Exception of Demand, Assumptions of Demand
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Economics, Law of Demand, Determinants of Demand, increase and Decrease in Demand, Extension and Contraction in Demand, Exception of Demand, Assumptions of Demand
Isoquants, MRTS, Concept of Total Product, Average & Marginal Product, Short Run and Long Run analysis of production, The Law of Variable proportion, Returns to scale,
Production Cost – Concept of Cost, Classification of Short run cost – Long run cost,
Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity due to change in consumer’s income, other things remaining constant. In other words, it measures by how much the quantity demanded changes with respect ot the change in income.
Equilibrium of Firm Under Perfect CompetitionPiyush Kumar
The ppt incorporates lots of animations for clear explanation on graphs and curves, it's better to download it first and then surely you will be cherished with it
Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity due to change in consumer’s income, other things remaining constant. In other words, it measures by how much the quantity demanded changes with respect ot the change in income.
Equilibrium of Firm Under Perfect CompetitionPiyush Kumar
The ppt incorporates lots of animations for clear explanation on graphs and curves, it's better to download it first and then surely you will be cherished with it
Normal laws of demand suggest that as prices increase demand decreases whilst firms attempt to supply more (with the opposite happening as prices decrease). The concept of elasticities asks the question ‘by how much does demand and supply change?’ Recent examination reports have made it clear that “price elasticity is an important topic and students should be prepared to apply it to the examination context as well as quote the formulas.” There is a lot to learn in this section – start with a good understanding of what elasticity it and how it is measured. Then consider why it matters for businesses to have a working knowledge / estimate of the coefficient of price elasticity of demand.
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This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
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involves recognizing relationships between elements of the marketing mix (e.g.,
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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2. Definition
It is the degree of responsiveness of
quantity demanded of a commodity
due to change in price, other things
remaining the same.
3. In other words
The price elasticity of demand is the
percentage change in quantity demanded
due to certain percentage change in price
4. Mathematical Expression
Where,
EP = Price elasticity of demand
q = Original quantity demanded
∆q = Change in quantity demanded
p = Original price
∆p = Change in price
5. Practical Example
Suppose that price of a commodity falls down
from Rs.10 to Rs.9 per unit.
Due to this, quantity demanded of the
commodity increased from 100 units to 120
units.
What is the price elasticity of demand?
6. Solution
The quantity demanded
increases by 2% due to fall in
price by Rs.1.
Give that,
p= initial price= Rs.10
q= initial quantity demanded= 100 units
∆p=change in price=Rs. (10-9) = Rs.1
∆q=change in quantity demanded= (120-100)
units = 20 units
8. 1. Perfectly Elastic Demand (EP = ∞)
The quantity demanded
increases infinitely (or by
unlimited quantity) with
a small fall in price
or
quantity demanded falls
to zero with a small rise
in price.
9. 2. Perfectly Inelastic Demand (EP = 0)
The demand remains
constant whatever may
be the price (i.e. price
may rise or fall)
10. 3. Relatively Elastic Demand (EP> 1)
Percentage change in
demand is greater than
the percentage change in
price
11. 4. Relatively Inelastic Demand (Ep< 1 )
Percentage change in
quantity demanded is
less than the percentage
change in price
12. 5. Unitary Elastic Demand ( Ep = 1)
Percentage change in
quantity demanded is
equal to the percentage
change in price
13. • To learn more visit
businesstopia.net/economics
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