Elasticity is the measure of the demand curve and it’s response to price. The more influenced by price, the more elastic, meaning the price willing to be paid will not deviate very much from the average. A small increase in price may cause quantity demanded to decrease by a large amount...
In other cases the seller decides to reduce the list price with the aim of closing a very attractive deal. For example, a customer’s proposal of buying several items in a single purchase if the unit price is lowered.ExampleIn an African country, an American tourist woman and her daughter...
Business Economics Elasticity (economics) What is the meaning of price elasticity of supply? What is the meaning of scarcity?Question:What is the meaning of price elasticity of supply? What is the meaning of scarcity?Answer and Explanation: Price elasticity of supply refers ...
ACentral Processing Unit (CPU)is the brains of a computer system - it's essentially what tells the computer what to do and how to do it. A CPU is composed of circuitry, which consists of three main components: a control unit, an arithmetic/logic unit (ALU), and a register set. The...
What is the meaning of mmHg in blood pressure readings? The term mmHg stands for millimeters of mercury and is a unit of measurement used to express blood pressure. In an Elsevier book “Cardiology Clinic”, Dr. Gbenga Ogedegbe and Dr. Thomas Pickering discuss the historical use of mercury ...
Logistics refers to the process of storing, coordinating, and moving resources to a destination as needed. Here’s what logistics means and how businesses use it.
A form of discount generally given to the buyers to persuade them to buy goods / services in larger quantity is called quantity discount. Buying goods in larger quantities generally results in lower cost of production per unit item due to economies of scale. Hence incentivizing the buyers to bu...
Facilitating transactions leads to a higher rate of growth, stronger business relationships, and tighter controls. There is one single document that gets the entire process rolling. That’s called an invoice. Invoice Meaning An invoice is an itemized list of all products or services and their ...
Global commerce is the selling of products or services to customers in foreign countries, which can generate increased revenue and improve resilience.
What is interest rate? Definition and meaning The termInterest Ratemay refer to the annual cost of credit or the annual percentage growth of a savings account. It may also be the rates a central bank sets. Specifically, rates against which other banks in the country can lend to each other...