The equation for a supply curve is 4P = Q. What is the elasticity of supply as price rises from 3 to 4?
% Change in Quantity = [(16-12) / ((16+12)/2)] X 100 = 28.57 % Change in Price = [(4-3) / ((4+3)/2)] X 100 = 28.57 Elasticity of Supply = 28.57 / 28.58 = 1.0
The Law of Demand states that _________.
All other factors being held constant, as the price of a good or service increases, consumer demand for the good or service will decrease.
What formula is used to measure Gross Domestic Product (GDP) ?
C + I + G + (X - M) Consumption + Investment + Government + (Exports - Imports)