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Demand is inelastic if
Long-Run Total Cost
The aggregate cost of production when all factors of production, including capital and labor, are variable in the long term.
Profits Maximization
The process or strategy employed by a business to increase its net earnings and achieve the highest level of profit possible.
Price Received
The amount of money paid to a producer or seller for a product or service.
Production Function
A mathematical model describing the relationship between input factors (like labor and capital) and output, indicating how much can be produced with given resources.
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