Distinguish between the resource market and product market, Ask an Expert

Economics

Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model?

If 46,000 units of a good can be sold at a price of $22 but 54,000 units can be sold at a price of $18, is the demand for the good elastic or inelastic? What is the elasticity coefficient?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9270998

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