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If salt is highly inelastic then why wouldn't producers of salt increase their prices?
The price of salt, which is highly inelastic in our economy, WILL NOT change due to other variables, such as one seller raising prices to increase profits or meet new costs. Because... someone else will always be there selling cheap salt. There is a lot of salt, in a lot of places. Hence, its price is inelastic.
What else can I help you with?
What is highly inelastic?
Highly unresponsive to changes in some endogenous factor.
Demand for wine is elastic or inelastic?
Highly elastic.
Inelastic demand curve?
Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.
How much money do producers get?
Producers' earnings can vary widely based on factors such as the type of production, the project's budget, and their level of experience. In film and television, producers can earn anywhere from tens of thousands to millions of dollars per project. Additionally, some producers may receive a percentage of the profits, which can significantly increase their total earnings. Overall, the financial compensation for producers is highly variable and depends on the specific circumstances of each project.
Can you snort teva 74 sleeping pills?
you can snort whatever you want... although i would highly suggest you wouldnt.. for your safety and health(:
If the elasticity is greater than 1 is demand elastic or inelastic If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
If the elasticity is greater than 1, demand is considered elastic, meaning that consumers are highly responsive to price changes. Conversely, if the elasticity equals 0, demand is perfectly inelastic, indicating that quantity demanded does not change regardless of price fluctuations. In this case, consumers will purchase the same amount no matter the price.
How does the total revenue test indicate demand elasticity?
For any given change in the price(rise or fall), where demand is elastic there is a more than proportionate change in quantity demanded. When the price elasticity of demand for a good is elastic (|Ed| > 1), the percentage change in quantity demanded is greater than that in price. Hence, when the price is raised, the total revenue of producers falls, and vice versa.
What is highly elastic supply?
Highly elastic supply refers to a situation where the quantity supplied of a good or service responds significantly to changes in its price. When the price increases, producers can quickly increase production, and conversely, a price decrease leads to a sharp reduction in supply. This characteristic is often seen in markets where producers can easily adjust their output, such as in industries with low production costs or where resources can be readily reallocated. As a result, even small price fluctuations can lead to large changes in the quantity supplied.
Farmers and artisans from what I found family hard to compete with the highly industrialized countries?
Farmers and artisans often struggle to compete with highly industrialized countries due to factors such as economies of scale, advanced technology, and access to global markets, which allow larger producers to lower costs and increase efficiency. Additionally, industrialized nations benefit from significant subsidies and infrastructure that small-scale producers in developing regions may lack. This disparity can lead to challenges in pricing, quality, and market access, making it difficult for smaller producers to thrive. Consequently, many local economies face threats to their traditional practices and livelihoods.
What is a major reason why families in highly industrial nations are smaller today than in the past?
fewer children are needed as producers.
What could Bangladesh do to increase food production?
to have good and highly yield seeds
When is a market penetration pricing policy appropriate a.if a product is new and different b.if demand is highly elastic c.if demand is inelastic d.if there is no possibility of economies of scale?
b. when demand is highly elastic. (The penetration strategy is used when an elite market does not exist and demand seems to be elastic over the entire demand curve.)
