The elasticity of substitution measures the percentage change in the ratio of inputs when any producer observes the percentage change in:
Output cost
Output ratio
Input prices
Input ratio
- In substitution effect and income effect:
- The income effect means that consumer purchase more when:
- The law of Diminishing Marginal Utility implies that the marginal utility of a good decreases as:
- The Strategy of Economic Development is the work of:
- Iso-product curve (isoquant) shows:
- The cost of production is faced by a:
- Cross-elasticity of demand or cross-price elasticity between two perfect complements will be:
- In arriving at stable equilibrium in cournot model, if one firm decreases output the other firm will:
- For the given production function, technical efficiency is defined as:
- The main contribution of Malthus is in the field of:
- The expansion point is attained by joining:
- The game theory concentrates on:
- The shape of the TC curve is:
- In real life, brand loyalty is a barrier to:
- In income effect, we:
- If the demand for good is more elastic and government levied a tax per unit of output, the price per…
- MC is given by:
- Under perfect competition, at equilibrium, marginal cost is:
- The game theory was basically presented by:
- The line from the origin to a point on an isoquant shows:
- Cross-elasticity of demand or cross-price elasticity between two complements will be:
- Elasticity of Substitution (s) is defined as:
- Price discrimination occurs when:
- When a consumer is in equilibrium then slope of indifference curve is:
- The horizontal demand curve for a commodity shows that its demand is:
- Government planners play a central role in allocating resources:
- Isocost line shows the combinations of labor and capital where a firms budget is:
- If a new production technology for producing compact discs is developed and new firms are attracted…
- The cournot model is a model of:
- If Cobb-Douglas production function is homogeneous of degree greater than one (n>1), then it shows: