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In: Economics

12. Why are all costs really "opportunity costs"? 13. Distinguish the laws of demand and supply....

12. Why are all costs really "opportunity costs"?

13. Distinguish the laws of demand and supply. How are the laws of demand and supply illustrated graphically?

14. What does the "price elasticity of demand" measure? What does a price elasticity of demand coefficient of 1.2 mean? Does the product have an elastic, unitary elastic or inelastic demand?

15. What happens to total revenue given a price increase and demand is inelastic? Why?

16. What are the characteristics of the product that has an inelastic demand?

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Rahul Sunny answered 1 year ago
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