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A good's price elasticity of demand ( , PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good ( law of demand ), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent ...
ChatGPT is a chatbot and virtual assistant developed by OpenAI and launched on November 30, 2022. Based on large language models (LLMs), it enables users to refine and steer a conversation towards a desired length, format, style, level of detail, and language. Successive user prompts and replies are considered at each conversation stage as context.
Fixed inputs can affect the price of inputs, and the scale of production can affect how much the fixed costs translate into the end price of the good. Number of suppliers: The market supply curve is the horizontal summation of the individual supply curves. As more firms enter the industry, the market supply curve will shift out, driving down ...
A pharmaceutical Company. The pharmaceutical industry in Bangladesh is one of the most developed technology sectors within the country. Manufacturers produce insulin, hormones, and cancer drugs. This sector provides 97% of the total medicinal requirement of the local market. The industry also exports medicines to global markets, including Europe.
t. e. In economics, the cross (or cross-price) elasticity of demand measures the effect of changes in the price of one good on the quantity demanded of another good. This reflects the fact that the quantity demanded of good is dependent on not only its own price ( price elasticity of demand) but also the price of other "related" good.
v. t. e. In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition. In theoretical models where conditions of perfect competition hold, it has been demonstrated that a market will reach ...