State whether the following statement is TRUE and FALSE.Total outlay i

1.	State whether the following statement is TRUE and FALSE.Total outlay is price multiplied by quantity.
Answer» 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

State whether the following statement is TRUE and FALSE.Total outlay is price multiplied by quantity.

Answer»

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

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State whether the following statement is TRUE and FALSE.Total outlay is price multiplied by quantity.

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