Homework Answers
Price inelastic
Reason: Since the goods are necessary goods, there demand will not change much due to change in price (since they are necessary consumption goods). This will make the responsiveness of change in demand for a good lower than the change in price, making the demand price inelastic in nature.
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- имо Question 17 1 pt Research indicates that the demand for necessities, such as gasoline...
The demand for gasoline in the short run is O inelastic because there are very few...
The demand for gasoline in the short run is O inelastic because there are very few good substitutes for gasoline. O unit elastic because people tend to consume a stable amount of gasoline per period. o elastic because people can easily switch to public transportation. O perfectly inelastic because people have no choice but to buy gasoline.
NAME SECTION LAST NAME FIRST NAME PRICE ELASTICITY OF DEMAND price elasticity of demand measures how...
NAME SECTION LAST NAME FIRST NAME PRICE ELASTICITY OF DEMAND price elasticity of demand measures how much in percentage terms demand fails to the left) when price is demandes (shifts to the right when price ralls quantity demanded falls when price is quantity demanded rises when price rises the graphs below to answer questions 2 and 3. Graph A Price Price Graph B Demand Demand - Quantity Quantity demand. Graph A represents unit elastic zer elastic perfectly inclastic perfectly elastic...
The demand for gasoline in the short run is unit elastic because people tend to consume a stable amount of gasoline...
The demand for gasoline in the short run is unit elastic because people tend to consume a stable amount of gasoline per period. perfectly inelastic because people have no choice but to buy gasoline. elastic because people can easily switch to public transportation. inelastic because there are very few good substitutes for gasoline.
Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel A. Panel C...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
Analyze the following diagram: 12 Chart of Demand Elasticity Price (S) Quantity (units are arbitrary) 12...
Analyze the following diagram: 12 Chart of Demand Elasticity Price (S) Quantity (units are arbitrary) 12 emand "C" represents a demand curve that is perfectly inelastic. O perfectly elastic. O relatively inelastic. <Previous Next
QUESTION 25 A price elasticity of 3 indicates that a: a. 3% increase in price will...
QUESTION 25 A price elasticity of 3 indicates that a: a. 3% increase in price will increase Qd(sales) 1% Ob.3% increase in price will decrease Qd(sales) 1% Oc 1% Increase in price will decrease Qd(sales) 3% 1% decrease in price will decrease Qd(sales) 3% Od. QUESTION 26 Based upon the determinants of demand elasticity, the price elasticity for toothpaste would be: O a. perfectly inelastic Ob.elastic O c. inelastic unitary elastic Od.
Question 17 When there few close substitutes available for a good, demand tends to be Operfectly...
Question 17 When there few close substitutes available for a good, demand tends to be Operfectly inelastic. relatively inelastic. relatively elastic perfectly elastic. Question 18 1 points Save Answer In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information supgests that the cross-price elasticity between new cars and used cars, and the cross-price elasticity between new cars...
Question 4 A company's research team finds that the elasticity of demand for a particular item...
Question 4 A company's research team finds that the elasticity of demand for a particular item at price p is given by: EG elasticity of demand atp = 200 and explain what should be done to increase revenue. The elasticity of demand at p = 200 is 0.5. This value indicates that the demand is inelastic, so a small increase in price will result in a small increase in revenue. increase the price The elasticity of demand at p =...
If the quantity demanded of juice decreased by 15% when the price of juice increased by...
If the quantity demanded of juice decreased by 15% when the price of juice increased by 10%, the price elasticity of demand for juice is , and the demand for juice is said to be 2/3: elastic c. 3/2; elastic b. 2/3: inelastic d. 3/2; inelastic If the absolute value of the price elasticity of demand for milk is equal to 0.6, the demand for milk is: a relatively elastic. C. relatively inelastic, b. unit elastic. d. perfectly inelastic, demand...
om/courses/2456531/quizzes/5192042/take Question 6 1 pts The price elasticity of demand for a completely vertical demand curve...
om/courses/2456531/quizzes/5192042/take Question 6 1 pts The price elasticity of demand for a completely vertical demand curve is unitary elastic O perfectly elastic O elastic O perfectly inelastic 1 pts Question 7 If a 3 percent reduction in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand over this range of the demand curve is unitary elastic
The demand for gasoline in the short run is O inelastic because there are very few good substitutes for gasoline. O unit elastic because people tend to consume a stable amount of gasoline per period. o elastic because people can easily switch to public transportation. O perfectly inelastic because people have no choice but to buy gasoline.
NAME SECTION LAST NAME FIRST NAME PRICE ELASTICITY OF DEMAND price elasticity of demand measures how much in percentage terms demand fails to the left) when price is demandes (shifts to the right when price ralls quantity demanded falls when price is quantity demanded rises when price rises the graphs below to answer questions 2 and 3. Graph A Price Price Graph B Demand Demand - Quantity Quantity demand. Graph A represents unit elastic zer elastic perfectly inclastic perfectly elastic...
The demand for gasoline in the short run is unit elastic because people tend to consume a stable amount of gasoline per period. perfectly inelastic because people have no choice but to buy gasoline. elastic because people can easily switch to public transportation. inelastic because there are very few good substitutes for gasoline.
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
Analyze the following diagram: 12 Chart of Demand Elasticity Price (S) Quantity (units are arbitrary) 12 emand "C" represents a demand curve that is perfectly inelastic. O perfectly elastic. O relatively inelastic. <Previous Next
QUESTION 25 A price elasticity of 3 indicates that a: a. 3% increase in price will increase Qd(sales) 1% Ob.3% increase in price will decrease Qd(sales) 1% Oc 1% Increase in price will decrease Qd(sales) 3% 1% decrease in price will decrease Qd(sales) 3% Od. QUESTION 26 Based upon the determinants of demand elasticity, the price elasticity for toothpaste would be: O a. perfectly inelastic Ob.elastic O c. inelastic unitary elastic Od.
Question 17 When there few close substitutes available for a good, demand tends to be Operfectly inelastic. relatively inelastic. relatively elastic perfectly elastic. Question 18 1 points Save Answer In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information supgests that the cross-price elasticity between new cars and used cars, and the cross-price elasticity between new cars...
Question 4 A company's research team finds that the elasticity of demand for a particular item at price p is given by: EG elasticity of demand atp = 200 and explain what should be done to increase revenue. The elasticity of demand at p = 200 is 0.5. This value indicates that the demand is inelastic, so a small increase in price will result in a small increase in revenue. increase the price The elasticity of demand at p =...
If the quantity demanded of juice decreased by 15% when the price of juice increased by 10%, the price elasticity of demand for juice is , and the demand for juice is said to be 2/3: elastic c. 3/2; elastic b. 2/3: inelastic d. 3/2; inelastic If the absolute value of the price elasticity of demand for milk is equal to 0.6, the demand for milk is: a relatively elastic. C. relatively inelastic, b. unit elastic. d. perfectly inelastic, demand...
om/courses/2456531/quizzes/5192042/take Question 6 1 pts The price elasticity of demand for a completely vertical demand curve is unitary elastic O perfectly elastic O elastic O perfectly inelastic 1 pts Question 7 If a 3 percent reduction in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand over this range of the demand curve is unitary elastic
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