Explanation Answer: A Series I pattern: 70 * 2 - 10 = 130 130 * 2 + 10 = 270 270 * 2 – 10 = 530 530 * 2 + 10 = 1070 1070 * 2 – 10 = 2130 Series II pattern: 300 is the first term. 300 * 2 – 10 = 590 590 * 2 + 10 = 1190 1190 * 2 – 10 = 2370 (4th term) 2370 * 2 + 10 = 4750 (5th term)
Concept of 'Consumer's Surplus' was evolved by
Elasticity of demand measures the
When price elasticity of demand is unity, the total expenditure:
From the resource allocation point of view, perfect competition is preferable because
Demand analysis includes
When the economist speaks of an increase in demand, he is usually referring to a ____________________
Dynamic forces operating in the economy create various kinds of economic fluctuations which are termed as trends in the economy. Which of the following...
The statement, "The elasticity of demand may be defined as the percentage change in quantity demanded which would result from 1 percent change in price"...
If the firms under perfect competition have different costs, abnormal profits can be earned in the long run only by
The increasing returns to scale occurs. because larger scale provides greater specialization to various factors" is a statement given by
