Explain the meaning of the term elasticity. Use your results to report the elasticity of output with respect to changes in capital.
Part A Word limit: 600 words Two garden centres, Green Grass and Bushy Shrubs, sell a similar range of plant pots, plants and plant food. Both are considering whether to discount or maintain their prices as spring approaches. Their payoffs under different combinations of decisions are given below: If Green Grass discounts and Bushy Shrubs […]