How would you classify the following in terms of price elasticity?
AIR TRAVEL
✓ depends
How would you classify the following in terms of price elasticity?
COFFEE
✓ Depends, if you buy coffee cause u love coffee people will buy aways
but if you are buying for its purpose chose something cheaper
Types of Costs
✓ fixed and variable
fixed costs
✓ Fixed costs don't change with the number of units produced, whether
it's 100 or 10,000. Thus the average fixed cost per unit will always
decrease as the number of units produced increases (Fixed Costs =
expenses that do not vary as a function of output volume (even if no
production activity, these remain))
Master01 | October, 2024/2025 | Latest update
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