Includes the sale of intermediate goods and services. Calculate the price elasticity of demand for potatoes given a change in the price of potatoes, using the price-quantity information at the right. None of the above. I have no clue. A production function is a function that shows the relationship between inputs used to produce an output.
Utility is an economic concept that describes consumer satisfaction.
The Law of Diminishing returns is the producer s counterpart of increasing marginal utility experienced by consumers. If products are perfect substitutes, this implies that they are always purchased in the same combination or ratio. A market demand curve can be generated by a vertical summation of individual consumer demand curves. An inferior good is one for which demand increases with an increase in income. Economics is a physical science.