Advertisement Remove all ads

State Whether the Following Statement Are True and False. Total Outlay is Price Multiplied by Quantity. - Economics

True or False

State whether the following statement is TRUE and FALSE.

Total outlay is price multiplied by quantity.

Advertisement Remove all ads

Solution

TRUE

Total outlay or total expenditure is a method of measuring price elasticity. Total expenditure of a good is defined as the product of its price and the quantity demanded at that price.

Algebraically,
Total Outlay = Price × Quantity Demanded

  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 4 Elasticity of Demand
Exercise | Q 3.3 | Page 31
Advertisement Remove all ads

Video TutorialsVIEW ALL [1]

Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×