A ________is a concept that describes the relationship between changes in output to different amounts of a single input while other inputs are held constant.
Fill in the blank(s) with the appropriate word(s).
Ans production function
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Price elasticity of demand is defined as
A) the change in price divided by the change in quantity demanded. B) the change in quantity demanded divided by the change in price. C) the percentage change in price divided by the percentage change in quantity demanded. D) the percentage change in quantity demanded divided by the percentage change in price. E) the quantity demanded divided by the price.
In China, suppose that the price level was 100 in 2014, 110 in 2015, and 120 in 2016. Over these three years
A) the inflation rate accelerated. B) inflation did not occur. C) prices were stable. D) the inflation rate was positive.
What is the internal rate of return on a new $2,000 heater that would reduce your heating costs by $200 a year forever? Under what conditions would you make the purchase?
What will be an ideal response?
A given change in disposable income would have the smallest effect on consumption with which of the following marginal propensities to consume?
a. 0.4 b. 0.6 c. 0.8 d. 0.2