Homework Answers
Option e
Luxury goods have higher prices and when it has close substitutes, for any changes in price, the response towards quantity demanded changes more and hence the elasticity would be more.
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Question 6 1 pts Which of the following sets of characteristics is definitely describing a good...
Question 11 Which of the following statements is true? The demand curve for a necessity is...
Question 11 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury ore narrowly we define a market, the more elastic the demand for a product will be In general, if a product has few substitutes it will have an elastic demand. The more time that passes the more inelastic the demand for a product becomes
Question 9 Which of the following statements is true? The demand curve for a necessity is...
Question 9 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury. The more time that passes the more inelastic the demand for a product becomes. The more narrowly we define a market, the more elastic the demand for a product will be. In general, if a product has few substitutes it will have an elastic demand. OOOO Question 10 The income elasticity of demand measures 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...
9.The more time people have to adjust to a price change, A.the less elastic their demand...
9.The more time people have to adjust to a price change, A.the less elastic their demand will be. B. will not affect the elasticity of their response, unless the good in question is a luxury good. C.the more elastic their demand will be. D.will not affect the elasticity of their response, unless the good in question is a necessity. 10.When a good has many close substitutes available, its demand is likely to be A.less price elastic than for goods without...
Suppose that the price elasticity of demand of a good is -3. Its demand is _________...
Suppose that the price elasticity of demand of a good is -3. Its demand is _________ and the percentage change in its quantity demanded is ________ than the percentage change in its price. A. Elastic: Smaller B. Elastic: Greater C. Inelastic: Smaller D. Inelastic: Greater Which of the following is not a determinant of the price elasticity of demand? A. Availability of substitutes B. Degree of necessity C. Cost relative to income D. Availability of inputs With a(n) ______ demand,...
answer it Immediately please?? it) When the price of a good decreased by 10%, the quantity...
answer it Immediately please??
it) When the price of a good decreased by 10%, the quantity demanded increased by 30%. (Note: this question is not related to parti). a. Is the demand for this good elastic, unit elastic, or inelastic? Show calculations. b. Are substitutes for this good easy to find or does it have poor substitutes? Is it more likely to be a luxury or necessity? Explain. c. Based on the elasticity explain how total revenue has changed.
Which of the following statements is true? If the price of a good is lowered and...
Which of the following statements is true? If the price of a good is lowered and total revenue decreases, demand is elastic. If the price of a good is raised and total revenue does not change, demand is perfectly elastic. If the price of a good is lowered and total revenue increases, demand is inelastic. If the price of a good is raised and total revenue increases, demand is inelastic. and relatively inelastic demand is represented by a demand curve...
M [12508.202010] Samp Jacob Clifford -Calendar Hand and Stom X USB Printer Cable for x X...
1. You are on a campus committee that sets the ticket prices for basketball games. The committee wants to increase the total money generated from ticket sales. When should the committee choose to raise ticket prices? a. Always. b. When demand for basketball tickets is inelastic. c. When demand for basketball tickets is clastic. d. Never. 2. A 10% rise in the price of housing reduces the quantity demanded of housing by 3%. We can conclude that the demand for housing is a. inelastic. c. unitary elastic. b. elastic. d. perfectly elastic. 3....
Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer...
Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. It is not possible to distinguish any relationship among the goods. Good X and Good Y Good Y and Good Z Good X and Good Z If the market for a product is broadly defined, then the expenditure on the good is likely to make up a large share of one's budget there are...
Please help with these questions: Question 18 0.2 pts Which one of the following pairs of...
Please help with these questions:
Question 18 0.2 pts Which one of the following pairs of goods is likely to have a negative cross- price elasticity of demand? O manicures and pedicures sofas and dining room tables O purses and backpacks shoes and socks trucks and sedans Question 19 0.2 pts When two goods are substitutes for each other, what will the cross-price elasticity be? O It will be positive O It is unaffected by goods being substitutes O The...
Question 11 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury ore narrowly we define a market, the more elastic the demand for a product will be In general, if a product has few substitutes it will have an elastic demand. The more time that passes the more inelastic the demand for a product becomes
Question 9 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury. The more time that passes the more inelastic the demand for a product becomes. The more narrowly we define a market, the more elastic the demand for a product will be. In general, if a product has few substitutes it will have an elastic demand. OOOO Question 10 The income elasticity of demand measures the...
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...
answer it Immediately please??
it) When the price of a good decreased by 10%, the quantity demanded increased by 30%. (Note: this question is not related to parti). a. Is the demand for this good elastic, unit elastic, or inelastic? Show calculations. b. Are substitutes for this good easy to find or does it have poor substitutes? Is it more likely to be a luxury or necessity? Explain. c. Based on the elasticity explain how total revenue has changed.
Which of the following statements is true? If the price of a good is lowered and total revenue decreases, demand is elastic. If the price of a good is raised and total revenue does not change, demand is perfectly elastic. If the price of a good is lowered and total revenue increases, demand is inelastic. If the price of a good is raised and total revenue increases, demand is inelastic. and relatively inelastic demand is represented by a demand curve...
Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. It is not possible to distinguish any relationship among the goods. Good X and Good Y Good Y and Good Z Good X and Good Z If the market for a product is broadly defined, then the expenditure on the good is likely to make up a large share of one's budget there are...
Please help with these questions:
Question 18 0.2 pts Which one of the following pairs of goods is likely to have a negative cross- price elasticity of demand? O manicures and pedicures sofas and dining room tables O purses and backpacks shoes and socks trucks and sedans Question 19 0.2 pts When two goods are substitutes for each other, what will the cross-price elasticity be? O It will be positive O It is unaffected by goods being substitutes O The...
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