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ECO101–Macroeconomics:Elasticity

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If the demands are elastic, should firms increase or reduce the price of the goods? Why? Whathappen if the demands are in-elastic?What are the key factors determining if the supply is elastic or in-elastic? Providing three factors and explain each of them with examples.What is the opportunity cost? Should individuals and nations specialise in producing goods or services for which they have comparative advantage or absolute advantage? Why?Does law of diminishing returns always hold at low production? Why? And why there turns will diminish eventually?...

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Question Preview:

If the demands are elastic, should firms increase or reduce the price of the goods? Why? Whathappen if the demands are in-elastic?What are the key factors determining if the supply is elastic or in-elastic? Providing three factors and explain each of them with examples.What is the opportunity cost? Should individuals and nations specialise in producing goods or services for which they have comparative advantage or absolute advantage? Why?Does law of diminishing returns always hold at low production? Why? And why there turns will diminish eventually?

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Elasticity measures the sensitivity of the quantity demanded or supplied of the good to thechange in the price. It is calculated by dividing the proportional change in the quantity demanded/supplied with the proportional change in the price.If the demand of the good is elastic, then the firms should reduce the prices as a slight reductionin the price will result in a larger increase the quantity sold by the firm, resulting in the increase in the total revenue.If the demand is inelastic, then it is profitable for the firm to increase the prices because an increase in the price will lead to the slight reduction in the quantity sold by the firm, resulting in the increase in the total revenue.

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