The profit of a producer is the difference between
Total cost and marginal cost
Total revenue and total cost
Average cost and total cost
Price and total cost
Correct answer is B
Total profit is determined by subtracting total costs from revenues. Total revenue is determined by multiplying the price received for each unit sold by the number of units sold.
If the coefficient of price elasticity of demand is 0.1, demand is
Elastic
Inelastic
Zero elastic
Unitary elastic
Correct answer is B
The numerical values for the PED coefficient could range from zero to infinity. In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a less than proportional effect on the quantity of the good demanded.
Goods consumed out of habit have
Elastic demand
Perfectly elastic demand
Inelastic demand
Unitary elastic demand
Correct answer is C
Inelastic demand in economics is when people buy about the same amount whether the price drops or rises.
A vector quantity can only be completely described when ……… and …………are mentioned.
Magnitude and motion
Magnitude and direction
Distance and specified displacement
Moment and momentum
Correct answer is B
A vector quantity has both magnitude and direction
There is an explanation video available below.
The resultant force of a couple is ………?
Infinity
Zero
One
Half
Correct answer is B
Note: moment of a couple = force × length (fL)
The tangential force is actingin an opposite direction alongside its length
i.e f1 L1 = f2L2
f2L2 − f1 L1 = 0(i.e Zero)
There is an explanation video available below.