5. For each of the following pairs, which of the two goods is more likely to...
5. For each of the following pairs, which of the two goods is more likely to be elastically demanded and why?
a. Demand for tangerines vs. demand for fruit
b. Demand for beef next month vs. demand for beef over the next decade
c. Demand for Exxon gasoline at the corner of 7th and Grand vs. demand for gasoline in the entire city
d. Demand for insulin vs. demand for vitamins
Homework Answers
A) Demand for tangerines will be more elastic. Demand for fruits will be less elastic because there are many fruits available.
B) Demand for beef next month will be more elastic. Demand in the short run will be more elastic than in the long run
C) The demand for Exxon gasoline at the corner of 7th and Grand is more elastic as consumers are less reactive to changes in the price of gasoline in the entire city.
D) demand for vitamin is more elastic because consumers are more reactive to changes in the price of vitamins.
Add Answer to:
5. For each of the following pairs, which of the two goods is
more likely to...
Consider the following pairs of goods. For which of the two goods would you expect the...
Consider the following pairs of goods. For which of the two goods would you expect the demand to be more price elastic? Why? (In order to receive full credit for your answer, be sure to provide explanation for your answer.) (a) water or diamonds (b) insulin or nasal decongestant spray (c) food in general or breakfast cereal (d) gasoline over the course of a week or gasoline over the course of a year (e) personal computers or IBM personal computers
2. (20 points) For each of the following pairs of goods, identify which one you would...
2. (20 points) For each of the following pairs of goods, identify which one you would expect to have more own-price elastic demand. Please explain your reasoning. (a) (5 points) Computers (generally) vs. Apple MacBook Pro laptops. (b) (5 points) Stereo headphones (generally) vs. hearing aids. For each of the following goods, identify whether you would expect demand to be more (own- price) elastic in the short run or the long run. As above, please briefly explain your reasoning. (c)...
5. In each of the following pairs of goods, identify the one which you would expect...
5. In each of the following pairs of goods, identify the one which you would expect to have a more elastic price elas- ticity of demand. Briefly explain. a) Bread vs. fresh pineapples b) Airline travel in the long-run versus the short-run. c) Massages vs. prescription drugs. d) Sugar vs. restaurant meals. er
15 pts READ EACH QUESTION CAREFULLY AND WRITE YOUR ANSWERS IN THE SPACE PROVIDED. EXPLAIN YOUR ANSWERS. FOR EAC...
15 pts READ EACH QUESTION CAREFULLY AND WRITE YOUR ANSWERS IN THE SPACE PROVIDED. EXPLAIN YOUR ANSWERS. FOR EACH OF THE FOLLOWING PAIRS OF GOODS, IDENTIFY WHICH GOOD HAS THE HIGHER PRICE ELASTICITY OF DEMAND. {I.E. MORE ELASTIC} INSULIN FOR A DIABETIC VS DIALYSIS TREATMENT FOR SOMEONE WITH A KIDNEY DISEASE Thelastic Elastic GAS CONSUMED EACH YEAR VS GAS CONSUMED EACH WEEK 8 10 pts CALCULATE THE PRICE ELASTICITY OF DEMAND & SUPPLY BETWEEN ALL PRICES IN THE FOLLOWING TABLE:...
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....
1. If the demand curve is linear and downward sloping, which of the following statements is...
1. If the demand curve is linear and downward sloping, which of the following statements is not correct? a) Demand is more elastic on the lower part of the demand curve than on the upper part. b) Different pairs of points on the demand curve can result in different values of the price elasticity of demand. c) Different pairs of points on the demand curve result in identical values of the slope of the demand curve. d) Starting from a...
Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a....
Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a. founder of modern market economics comparative advantage-argument for mutual benefits of international trade comparative advantage-emphasized job displacements of international trade founder of modern macroeconomics invented capitalism duo If a firm has trouble selling its good, it can lower price. increase demand. decrease supply. both a) and b) are correct. 6. People often pay too much for goods because they are not aware of which...
Match the following: 2. Adam Smith 3. Karl Marx 4. John Maynard Keynes Choices: (2 are...
Match the following: 2. Adam Smith 3. Karl Marx 4. John Maynard Keynes Choices: (2 are not used.) a. invented capitalism b. invented socialism c. founder of modern macroeconomics d. founder of modern market economics e. predicted the end of capitalism 5. If a firm has trouble selling its good, it can a. lower price. b. increase demand. c. decrease supply. d. both a) and b) are correct. 6. People often pay too much for goods because they are not...
Evaluate the arical writ the response in which you state your agreement or disagreement with writer...
Evaluate the arical
writ the response in which you state your agreement or disagreement
with writer up un these questions guidelines
1) can empathy lead us astrary? how
2) our heart will always go out to the baby in the well, its a
measure of our humanity. but empathy will have to yield to reason
if humanity is to have a future can empathy yield to reason?
how?
thank you
The Baby in the Well: The Case against Empathy* -Paul...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
2. (20 points) For each of the following pairs of goods, identify which one you would expect to have more own-price elastic demand. Please explain your reasoning. (a) (5 points) Computers (generally) vs. Apple MacBook Pro laptops. (b) (5 points) Stereo headphones (generally) vs. hearing aids. For each of the following goods, identify whether you would expect demand to be more (own- price) elastic in the short run or the long run. As above, please briefly explain your reasoning. (c)...
5. In each of the following pairs of goods, identify the one which you would expect to have a more elastic price elas- ticity of demand. Briefly explain. a) Bread vs. fresh pineapples b) Airline travel in the long-run versus the short-run. c) Massages vs. prescription drugs. d) Sugar vs. restaurant meals. er
15 pts READ EACH QUESTION CAREFULLY AND WRITE YOUR ANSWERS IN THE SPACE PROVIDED. EXPLAIN YOUR ANSWERS. FOR EACH OF THE FOLLOWING PAIRS OF GOODS, IDENTIFY WHICH GOOD HAS THE HIGHER PRICE ELASTICITY OF DEMAND. {I.E. MORE ELASTIC} INSULIN FOR A DIABETIC VS DIALYSIS TREATMENT FOR SOMEONE WITH A KIDNEY DISEASE Thelastic Elastic GAS CONSUMED EACH YEAR VS GAS CONSUMED EACH WEEK 8 10 pts CALCULATE THE PRICE ELASTICITY OF DEMAND & SUPPLY BETWEEN ALL PRICES IN THE FOLLOWING TABLE:...
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....
1. If the demand curve is linear and downward sloping, which of the following statements is not correct? a) Demand is more elastic on the lower part of the demand curve than on the upper part. b) Different pairs of points on the demand curve can result in different values of the price elasticity of demand. c) Different pairs of points on the demand curve result in identical values of the slope of the demand curve. d) Starting from a...
Match the following: Adam Smith David Ricardo John Maynard Keynes Choices: (2 are not used.) a. founder of modern market economics comparative advantage-argument for mutual benefits of international trade comparative advantage-emphasized job displacements of international trade founder of modern macroeconomics invented capitalism duo If a firm has trouble selling its good, it can lower price. increase demand. decrease supply. both a) and b) are correct. 6. People often pay too much for goods because they are not aware of which...
Evaluate the arical
writ the response in which you state your agreement or disagreement
with writer up un these questions guidelines
1) can empathy lead us astrary? how
2) our heart will always go out to the baby in the well, its a
measure of our humanity. but empathy will have to yield to reason
if humanity is to have a future can empathy yield to reason?
how?
thank you
The Baby in the Well: The Case against Empathy* -Paul...
Most questions answered within 3 hours.
-
A telephone survey uses a random digit dialing machine to call
subjects. The random digit dialing...
asked 11 minutes ago -
How can having too little or too much of a certain
protein cause problems for an...
asked 1 hour ago -
Assume a muscle has a PCSA = 20 cm2 and Lo = 12 cm. Assume it...
asked 3 hours ago -
What is the yield to maturity of a ten-year, $1,000 bond with a
5.2% coupon rate...
asked 3 hours ago -
A mass m = 5 kg is tied on one end of a rope and is...
asked 3 hours ago -
The Average sales price of single-family houses in Charlotte is
$210,000 with a standard deviation of...
asked 4 hours ago -
Target Costing
Laser Impressions, Inc., manufactures color laser printers.
Model J20 presently sells for $225 and...
asked 4 hours ago -
a bottle cap manufacturer with four machines and six operators
wants to see if variation in...
asked 5 hours ago -
State Farm Insurance studies show that in Colorado, 55% of the
auto insurance claims submitted for...
asked 5 hours ago -
Complete the following reactions which form ethers (A
and B) and cyclic ethers (C-E) as major...
asked 6 hours ago -
in a perfectly elastic collision what is the velocity of ball A
if the original direction...
asked 6 hours ago -
PLEASE ANSWER ALL
1) The pressure of the atmosphere decreases with increasing
altitude in the
Choose...
asked 6 hours ago