Another indicator for the elasticity is the percent of the population that uses a particular item....
Another indicator for the elasticity is the percent of the population that uses a particular item. Elasticity is measured in the aggregate. If the product is elastic to the larger percentage then the elasticity will be elastic. It may be inelastic to the part of the population that purchases the item, but the overall elasticity may be over 1. Do you ha e a tangible elasticity on illegal drugs to show whether they are elastic or inelastic in the aggregate or is the decision bade based on the population that uses the drugs?
Homework Answers
It is studied that illegal drugs have an inelastic demand . When price rises , total spending rises rather than fall in demand . This is because people who consume drugs are addicted to it and cannot reduce consumption even if price rises . This study is basically based on a small section of population who are already addicted . In any healthy economy or society we find a small population who are drug addicts . If we calculate elasticity based on whole population then illegal drugs would be highly elastic as the major portion of population will not consume drugs even if they are given for free . So they are highly elastic in aggregate .
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Another indicator for the elasticity is the percent of the
population that uses a particular item....
its fundamentals to economics ensures that resources are allocated to their highest-valued uses. a. Monopoly b....
its
fundamentals to economics
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