Question
A truck travels at a speed of 60 km/h from city P to
city Q and returns to city P by the same route at a speed of 100 km/h. What is the average speed of the truck for the given journey?Solution
The truck travels from P to Q at 60 km/h and returns at 100 km/h.
Using the average speed formula for two equal distances:
Substituting a=60 and b=100:
Break-even analysis can also be termed as
When price elasticity of demand is unity, the total expenditure:
Economics of scale means
OPEC is an example ofÂ
Pricing decision includes
Under perfect competition, the long-run equilibrium of the firm is established at
When AR is constant, MR is
Statement “Price is the amount of money and/or other item with utility needed to acquire a product" is given byÂ
Who introduced the concept of elasticity of demand?
A movement along a demand curve indicates that a different quantity is being demanded
This movement is due to