Suppose the San Francisco 49ers lower ticket prices by 15 percent and as a result the quantity of tickets demanded increases by 10 percent. This set of results shows that San Francisco 49ers tickets have:. a. an inelastic supply b. an inelastic demand c. an elastic supply d. an elastic demand.

Factor of production

Explanation:

Factors of production are the inputs required to produce any goods or services. They include

Production happens when raw materials are processed into finished goods. Processing requires an investor to provide and manage the resources needed.

The investor represents entrepreneurship. This is the company or the individual that initiates production. He or she provides the vision, technology, and the other inputs, as discussed below.

The investor needs land to set up the business or factory. Land include farms used for agricultural production. Minerals and metals obtained through mining and drilling are products of land.

People are required to work in the factories or on the farms for production to occur. They provide labor through the use of there skills and strength.

The entrepreneur will need capital to meet the expenses associated with the production. He or she has to pay for raw material, land use, and pay wages to the workers.