Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.
Give meaning of 'returns to a factor.'
Returns to a factor relates to the short-period production function when one factor is varied keeping the other factor fixed. The Law of Variable Proportion can be regarded as 'Returns to a Factor'.
A consumer buys 18 units of a good at a price of Rs. 9 per unit. The price elasticity of demand for the good is (−) 1. How many units the consumer will buy at a price of Rs. 10 per unit? Calculate.