0
Still curious? Ask our experts.
Chat with our AI personalities
Ezra
Maxine
RafaAdd your answer:
Earn +20 pts
What is one way yo quantify the personal value of a good or service?
By finding the monetary value of something the person would willingly trade in exchange for the good or service
When the price of a good or service changes what happens?
When the price of a good or a service changes, people will generally buy that good or service in plenty. People generally love getting real value for their money.
A numbers distance from 0 on a number line?
A number's distance from 0 on a number line is called absolute value. The absolute value of 5 is 5 and the absolute value of -5 is also 5.
How do you calculate the price elasticity of demand for a product or service?
To calculate the price elasticity of demand for a product or service, you can use the formula: Price Elasticity of Demand ( Change in Quantity Demanded) / ( Change in Price). This formula helps determine how sensitive consumers are to changes in price. A higher absolute value indicates greater sensitivity, while a lower absolute value indicates less sensitivity.
What is the definition of absolute advantage?
Absolute advantage exists when one economic agent can strictly produce more than another agent in a given good or service. This is different from comparative advantage, which occurs when an economic agent can produce for a lower opportunity cost than another agent.
