Question

What is the elasticity of a buffalo bills baseball cap and what type of product is...

What is the elasticity of a buffalo bills baseball cap and what type of product is it? (Necessity, Luxury)?

0 0
Add a comment Improve this question Transcribed image text
Answer #1

The elasticity is greater than 1 because buffalo bills baseball caps have a few substitutes available.The good is not a necessity.It is a normal good.

Add a comment
Know the answer?
Add Answer to:
What is the elasticity of a buffalo bills baseball cap and what type of product is...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 4. (a) A product has a price elasticity of demand equal to -2. If price increases...

    4. (a) A product has a price elasticity of demand equal to -2. If price increases by 6 percent, what will be the decrease in quantity demanded? (b) Is this product most likely a luxury or necessity, and why? (c) Another product has an income elasticity of 0.8. If income rises by 8 percent, what will be the increase in demand? (d) Two products have a cross price elasticity of -0.4. Are these product substitutes or complements. (e) Yet another...

  • Multiple Choice The elasticity of demand for a product is likely to be greater ________. A....

    Multiple Choice The elasticity of demand for a product is likely to be greater ________. A. if the product is a luxury rather than an absolute necessity B. when the proportion of one’s income spent on the product is smaller C. if the product is an imported good rather than a domestically produced good D. when the number of substitute products available is smaller

  • Price elasticity of demand for a product is likely to be greater the smaller the proportion...

    Price elasticity of demand for a product is likely to be greater the smaller the proportion of one`s incomes is spent on the good the greater the amount of time passes the fewer the number of substitutes if the product is a necessity rather than a luxury The demands for such products as salt and electricity tend to be: perfectly price elastic. relatively price inelastic. relatively price elastic. of unit price elasticity.

  • A product has a price elasticity (of demand) equal to -1.50. If price increases by 8...

    A product has a price elasticity (of demand) equal to -1.50. If price increases by 8 percent, what will be the decrease in quantity demanded? A product has an income elasticity of 0.8. If income rises by 6 percent, what will be the increase in demand? In question 2, is the product most likely a luxury or necessity? Why? The cross price elasticity between two products, L and M, is 0.60 (that is, the change in demand for L with...

  • 1. A product has a price elasticity (of demand) equal to 1.50. If price increases by...

    1. A product has a price elasticity (of demand) equal to 1.50. If price increases by six percent, what will be the decrease in quantity demanded? 2. A product has an income elasticity of 0.75. If income rises by 8 percent, what will be the increase in demand? 3. In question 2, is the product most likely a luxury or necessity? Why? 4. The cross price elasticity between two products, L and M, is 0.40 (that is, the change in...

  • The price elasticity of demand measures 0.4. Which of the following statements is correct? Choose one:...

    The price elasticity of demand measures 0.4. Which of the following statements is correct? Choose one: a. The product in question is a substitute. b. The product in question is a luxury product. c. This is unit elasticity. d. The product in question is a necessity. e. The product in question is inferior good.

  • If a product's income elasticity of demand is -1.7, then we can conclude that Select one:...

    If a product's income elasticity of demand is -1.7, then we can conclude that Select one: ut of a. a decrease in income will lead to an increase in demand for the product. b. an increase in income will lead to an increase in demand for the product. c. the product is a luxury good. d. the product is a normal good. e, the product is certainly a necessity

  • Some argue that the price elasticity of demand can be used to determine whether a good...

    Some argue that the price elasticity of demand can be used to determine whether a good or service is a luxury or a necessity. In medical care, a procedure with an elastic demand would be considered optional, or elective, and a procedure with an inelastic demand would be a medical necessity. Should planners use price elasticity of demand as a guide to defining services that are medically necessary? What are the advantages of such a classification scheme? What are the...

  • The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classif...

    The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury. True False of the following, which is the best example of good with a perfectly inelastic demand? the demand for a college education by a student who has a full scholarship to an Ivy League school a diabetic's demand for insulin the demand for gasoline the demand for tickets in New York City when the Mets or Yankees are...

  • Provide an example of the following and indicate the type of income elasticity we may expect...

    Provide an example of the following and indicate the type of income elasticity we may expect from each of them and why? a. A normal good b. A necessity c. An inferior good d. Define elasticity

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT