Find the Exact Value of the Expression $$\tan ^ { - 1 } \frac { \sqrt { 3 } } { 3 }$$

question 45

Multiple Choice

Find the exact value of the expression.
- $$\tan ^ { - 1 } \frac { \sqrt { 3 } } { 3 }$$

• A) \(\frac { \pi } { 6 }\)
• B) \(\frac { \pi } { 4 }\)
• C) \(\frac { \pi } { 3 }\)
• D) \(\frac { 7 \pi } { 6 }\)

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Definitions:

Inelastic Demand

Describes a situation where the demand for a product does not change significantly in response to a change in the product's price.

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market, such as high startup costs, strict regulations, or strong brand loyalty.

Lerner Indices

A measure of a firm's market power calculated by the difference between price and marginal cost relative to the price.

Marginal Cost

The additional cost incurred by producing one more unit of a product, reflecting the cost of the resources used in the production of that extra unit.