#865569

#865569: The demand function measures quantity demanded as a function of price. The … demand function measures price as a function of quantity. A given demand curve can be described in either way.

The demand function measures quantity demanded as a function of price. The … demand function measures price as a function of quantity. A given demand curve can be described in either way.
Варианты ответа:
  • Straight
  • Inverse
  • Equal

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Тематика: Микро- и макроэкономические основы рыночного ценообразования Теория отраслевых рынков Экономическая мысль дорыночной экономики
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The elasticity of demand measures the responsiveness of the quantity demanded to …. It is formally defined as the percent change in quantity divided by the percent change in price. If the absolute value of the elasticity of demand is … than 1 at some point, we say that demand is inelastic at that point. If the absolute value of elasticity is greater than 1 at some point, we say demand is elastic at that point. If the absolute value of the elasticity of demand at some point is exactly 1, we say that the demand has unitary elasticity at that point. If demand is elastic at some point, then an increase in quantity will result in a reduction in revenue. The marginal revenue is the extra revenue one gets from increasing the quantity sold. The formula relating marginal revenue and elasticity is MR = p[1 + 1/E ] = p[1 − 1/|E |]. If the inverse demand curve is a linear function p(q) = a − bq, then the marginal revenue is given by MR = a − 2bq.