Question
An individual 'X' earned a total
of Rs. 68,000 in December, which consisted of a fixed salary and a certain bonus. In January, the bonus increased by 10%, while the fixed salary decreased by 12.5%, resulting in a total income of Rs. 64,000. Determine the fixed salary of 'X' in December.Solution
ATQ, Let the amount of fixed salary and bonus amount be Rs. 'b' and Rs. 'a', respectively. ATQ, b + a = 68,000 ..........(I) And, {a × 1.1 + b × (7/8) } = 64,000 8.8a + 7b = 5,12,000 ..........(II) On solving, Equation (II) - 7 × Equation (I) , we get, 8.8a + 7b - 7a - 7b = 512000 - 476000 Or, 1.8a = 36,000 Or, 'a' = 20,000 So, 'b' = Rs. 48,000 Therefore, fixed salary of person 'X' = Rs. 'b' = Rs.48,000
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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