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Price elasticity of demand (PED) measures the responsiveness of percentage change in the quantity demanded of a good with respect to a percentage change in the price of a good. It is measured by the formula:...

Diseconomies of scale occurs when the average cost of a product begins rising as a business expands. This may occur due to problems communicating: as a business expands it's chain of command increases which ...

Added value is the difference between the costs of purchasing raw materials and the price the finished goods are sold at. Value is added to a good at each stage of production from raw material to the finishe...

competitive inhibition occurs when the active site of the enzyme is complementary to the binding site of the inhibitor and so binds to form a complex. The inhibitor molecule therefore occupies the active sit...

Both classical and operant conditioning result in the learning of a behaviour and are a key concept in behavioural Psychology. Classical conditioning involves a neutral stimulus (such as the sound of a bell ...