Question

1.What is the measure of how much quantity supplied can respond to changes in price, and what determines how fast a producer can respond to a change in price? (supply elasticity)

2.What are the two-time frames economists use to analyze resources used in production? How do they differ? (short run; long run)

3.Why do businesspeople have to consider all the fixed costs of production? (overhead)

4.Why does a business often reach a point at which adding more resources does not increase productivity or profits at the same rate it used to? (diminishing returns, stages of production)

5.What is the measure of how much revenue a business receives, and how do we calculate it? (total revenue)

Answer 1

hii mate

Explanation: The cross -price elasticity of demand measures how much the quantity demanded f one good responds to the -price of another good . The -price elasticity of supply measures how much the quantity supplied responds to changes in the -price .

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