Question
A student multiplied a number by 3/5 instead of
5/3, What is the percentage error in the calculation ?Solution
Let the number be x. Then, ideally he should have multiplied by x by 5/3. Hence Correct result was `x xx5/3=(5x)/3` By mistake he multiplied x by 3/5 . Hence the result with error = `(3x)/5` Then, error = `(5x)/3-(3x)/5=(16x)/15` Error % = `(Error)/(True Value)xx100=(16/15x)/(5/3x)xx100=64%`
The statement, "The elasticity of demand may be defined as the percentage change in quantity demanded which would result from 1 percent change in price"...
 The above curve is a
If the firms under perfect competition have different costs, abnormal profits can be earned in the long run only by
Who introduced the concept of elasticity of demand?
When the economist speaks of an increase in demand, he is usually referring to a ____________________
Pricing decision includes
A movement along a demand curve indicates that a different quantity is being demanded
This movement is due to
Movement along a demand curve as a result of change in price is known asÂ
Under price discrimination, price will be higher in the market where demand is
Shifts in demand curve as shown in the figure below represents
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