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What do economists call elasticity?
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∙ 14y ago
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What do economists generally support?
Economists generally support international trade.
When opening a restaurant you may need to buy ovens freezers tables and cash registers Economists call these expenditures?
Capital investment.
Economists generally assume that?
Economists generally assume that the economy will behave in an understandable way.
Significance of elasticity of demand?
Elasticity of demand will help managers determine what behaviors affect customer's buying behavior. Price elasticity will tell managers whether they can change the price of products or not.
Uses of cross elasticity of demand?
Cross elasticity in economics, also referred to as cross-price elasticity is used to measure the changes of the demand of a certain commodity to the price changes of another good.
Why is elasticity of demand a fine theoretical concept of economists but difficult for marketers to use in practice?
it is what elasticity of demand
What is the lowest elasticity of demand?
The lowest elasticity of demand is when no change in price, whether increase or decrease, changes the demand for a product.Ê It's used by economists to predict how sensitive a product is to a price change.
Why do economists use percentage change to calculate elasticity demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
Most economies have what economists call?
mixed economies
What do economists call the physical thing's that firms make (things that can be seen or touched )?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call the physical things that firms make ( things that can be seen or touched)?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call the physical things that firms make things that can be seen or touched?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call taxes that are used between states?
Cheese
What did economists call periods of boom and bust?
the business cycle
What do economists call the things that firms sell that you cannot touched or seen?
Goods
What do economists call the next best alternative?
Economists call opportunity cost the next best alternative that has been given up. This is the cost of forgoing something and picking an alternative like using college fees to start a business.
When the market does not result in an efficient allocation of scarce resources economists call this?
market failer
