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Question
Define or explain the following concepts
Total output
Solution
The total output refers to the total production or value of goods and services produced in a country. It is an important determinant of economic growth and development. Higher the output, higher is the economic growth.
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RELATED QUESTIONS
Total expenditure method of measuring Elasticity of Demand.
Total cost is the total expenditure incurred by a firm.
When price of good is Rs7 per unit a consumer buys 12 units. When price falls to Rs6 per unit he spends Rs72 on the good. Calculate price elasticity of demand by using the percentage method. Comment on the likely shape of demand curve based on this measure of elasticity.
Define or explain the following concept :
Elasticity of demand .
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Relatively more elastic demand and relatively less elastic demand.
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Ratio method
The price of a commodity increase from ₹ 10 to ₹ 14. Calculate percentage fall in quantity demanded of the commodity if the coefficient of price elasticity of demand is (−) 1.25.
When percentage change in quantity demanded is equal to percentage change in price, then demand for such a commodity is said to be ______
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Assertion (A): Elasticity of supply of gold is unitary elastic.
Reason (R): The unitary elastic supply is equal to one R.
