Economics - Study Mode
[#676] Statement I Point price elasticity of demand in terms of marginal and average revenues can be measured with the following formula $$frac{{AR}}{{AR - MR}}.$$ Statement II< strong> The point price elasticity of demand is the product of the slope of the demand function and the ratio between corresponding price and quantity.
Correct Answer
(A) Both the statements are correct
[#677] Optimal input combination to minimise the cost for a given output will be at the point where
Correct Answer
(A) Isocost is tangent to isoquant
[#678] Economics may be divided into macro-economics and micro-economics. Among the subject matter of micro-economics may be found
Correct Answer
(C) the allocation of resources among competing uses
[#679] Elasticity of demand for money:
Correct Answer
(D) All of these
[#680] Rent is the-
Correct Answer
(A) creation of value and not of wealth