Define price elasticity of demand. What does it measure?
What will be an ideal response?
Price elasticity of demand is the ratio of the percentage change in quantity demanded to the percentage change in price. It measures the responsiveness of quantity demanded to changes in price.
Economics
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Refer to the scenario above. Suppose the economy is currently operating on the production function F2 and E2 is the level of employment in the country. If the demand curve for labor shifts to the left, ________
A) employment will remain unchanged at E1 B) output will increase from Y2 to Y3 C) employment will decrease from E2 to E1 D) employment will increase from E2 to E3
Economics
From which of the following countries does the U.S. import the largest dollar value of goods?
a. Canada b. Mexico c. Great Britain d. Japan
Economics