Question
A consultant charges Rs. 50 per km for cab travel and
Rs. 30 per km for auto travel. In a week, he travelled 150 km in total and claimed Rs. 5400. How many km did he travel by cab?Solution
ATQ, Let cab distance = x km Let auto distance = y km x + y = 150 β¦β¦β¦β¦β¦β¦..(1) 50x + 30y = 5400 From (1), x = 150 β y So, 50(150 β y) + 30y = 5400 7500 β 50y + 30y = 5400 20y = 2100 y = 105 And, x = 150 β 105 = 45
Pricing decision includes
A high value of cross-elasticity indicates that the two commodities are
A movement along a demand curve indicates that a different quantity is being demanded
This movement is due to
Elasticity of demand is based on which of the following factors?
Who introduced the concept of elasticity of demand?
Selling through DSA reduces:
The increasing returns to scale occurs. because larger scale provides greater specialization to various factors" is a statement given by
Statement βPrice is the amount of money and/or other item with utility needed to acquire a product" is given byΒ
In case of Giffens goods, price effect is
If the firms under perfect competition have different costs, abnormal profits can be earned in the long run only by