Mr. Satish hired a business consultant to guide him for growth of his business. The consultant visited his factory and suggested some changes with respect to staff appointment, loan availability and so on. Which approach is that consultant using?
Profit motive is a merit of
_______ is also called as command economy
Which of the following statements is/are correct regarding business economics?
Unlimited ends and limited means together present the problem of ________________.
Micro and macro are not two independent approaches to economic analysis but they are complementary to each other
Inventory does not includes
The study of behavior of consumers in the market and the effect of changes in the determinants of demand is called as
………. is the technique of predicting future demand of goods and services on the basis of past behavior of factor.
…………explains the relationship between input and output
Suppose the price of movies seen at a theatre rises from ₹ 120 per person to ₹ 200 per person. The theatre manager observes that the rise in price causes attendance at a given movie to fall from 300 persons to 200 persons. What is the price elasticity of demand for movies? (Use Arc Elasticity Method)
Suppose a department store has a sale on its silverware. If the price of a plate-setting is reduced from ` 300 to ` 200 and the quantity demanded increases from 3,000 plate- settings to 5,000 plate-settings, what is the price elasticity of demand for silverware? (Use Arc Elasticity Method)
When the numerical value of cross elasticity between two goods is very high, it means
If the local pizzeria raises the price of a medium pizza from ₹ 60 to ₹ 100 and quantity demanded falls from 700 pizzas a night to 100 pizzas a night, the price elasticity of demand for pizzas is :(Use Arc Elasticity Method)
Conspicuous goods are also known as
As income increases, the consumer will go in for superior goods and consequently the demand for inferior goods will fall. This means inferior goods have
An example of goods that exhibit direct price-demand relationship is
In Economics, when demand for a commodity increases with a fall in its price it is known as:
The quantity supplied of a good or service is the amount that
Elasticity of supply is greater than one when
If the quantity supplied is exactly equal to the relative change in price then the elasticity of supply is
The price of a commodity decreases from ₹ 6 to ₹ 4 and the quantity demanded of the good increases from 10 units to 15 units. Find the coefficient of price elasticity.
If the price of air-conditioner increases from ₹ 30,000 to ₹ 30,010 and resultant change in demand is negligible, we use the measure of __________ to measure elasticity
Given the following four possibilities, which one will result in an increase in total expenditure of the consumer?
Which of the following statements is correct?
According to Marginal utility analysis, utility can be measured in
Marginal utility approach is also called as -
Which of the approaches uses money measurement concept of utility?
MU of the goods decreases as the quantity of ………. goods with the consumer increases.
Total utility that Mr. Khan derives from consumption of 10 Frooti is 250. MU of 11th frooti is -60. What will be the total utility of 11 frooti?
Fall in the price of Substitute Goods leads to —
Decrease in Demand is caused by —
The concept of Elasticity of Demand was developed by—
Equilibrium price is where
Generally, the Demand Curve —