Define exemplify. exemplify synonyms, exemplify pronunciation, exemplify translation, English dictionary definition of exemplify. tr.v. exÂ·emÂ·pliÂ·fied , exÂ·emÂ·pliÂ·fyÂ·ing , exÂ·emÂ·pliÂ·fies 1. a. To illustrate by example: exemplify an argument. b. To serve as an example of: scenes that...
The law of increasing costs, a commonly held economic principle, states that an operation running at peak efficiency and fully utilizing its fixed-cost resources, will experience a higher cost of production and decreased profitability per output unit with further attempts at increasing production.
Elasticity and Total Expenditures<br />A price increase will increase total expenditures if, and only if, the price elasticity of demand is less than 1 in absolute value (between -1 and zero)<br />Inelastic demand<br />A price reduction will increase total expenditures if, and only if, the price elasticity of demand is greater than 1 in absolute value (less than -1).<br />Elastic demand<br />