. Name one product that you think has high elasticity and another that you think is...
. Name one product that you think has high elasticity and another that you think is inelastic. Explain for each item why you think this is the case.
Homework Answers
Elasticity of demand is defined as type responsiveness of the
quantity demand when price of the commodity changes.
So, it is determined as percentage change in quantity demanded over
percentage change in price.
High Elasticity is generally for the luxury goods.
Also, the goods like pizza, burgers etc. Becuase any increase in price of such goods leads to decrease in quantity demanded
AMD,high inelastic is generally for the necessary goods.
Like medicines, milk, fruits and vegetables etc. Because any increase in price of such goods will not lead to that much change in quantity demanded.
Add Answer to:
. Name one product that you think has high elasticity and
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please answer this question ?
2. Explain why restaurants that have all you can eat buffets do not go out of business. In your answer explain it using the idea of consumer satisfaction and marginal utility. Name one product that you think has high elasticity and another that you think is inelastic. Explain for each item why you think this is the case. Posted Tue Jul 28, 2020 at 12:01 am Comments There are no comments Write a co
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