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The price of elasticity demand is defined as the change in the quantity demanded to the change in the price of the commodity
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The functional relationship between the physical input (or factor of production) and therefore the output is named a production function
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Money supply refers to the amount of money which is in circulation in an economy at any given time
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Business economic consists of the use of economic modes of thought to analyse business situations
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Law of supply states that all factors being constant, seller supply more in the rising price and supply less when the price decreases.
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Breakeven point is where the company neither make money nor losses money, but covers all the cost incurred
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Economics is a science that deals with the production, exchange and consumption of various goods in the economic system.
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Consumer surplus is the difference between price consumers pay and what they would be willing to pay