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What has more elastic demand mystery novels or required textbooks?
Wiki User
∙ 11y ago
Mystery novels have more elastic demand than textbooks, because mystery novels have close substitutes and are a luxury good, while required textbooks are a necessity with no close substitutes. If the price of mystery novels were to rise, readers could substitute other types of novels. But if the price of required textbooks were to rise, students would have little choice but to pay the higher price. Thus the quantity demanded of required textbooks is less responsive to price than the quantity demanded of mystery novels.
Wiki User
∙ 11y ago
Mystery novels typically have more elastic demand compared to required textbooks. This is because mystery novels are typically considered discretionary purchases, so consumers are more likely to adjust their consumption of them based on price changes. In contrast, required textbooks are considered essential for academic success, so students may have less flexibility in changing their purchasing behavior based on price.
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Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
When demand is elastic?
The demand is elastic when the price is low. So people will buy more good so that it's demand will become more elastic. Moreover ,the demand is elastic when there are some new inventions.
When a firm's marginal revenue is zero what can be said about the elasticity of demand for the output of the firm A. Demand is inelastic. B. Demand is elastic. C. Demand is unit elastic.?
Demand is unit elastic.
Is fruit elastic or inelastic demand?
elastic
Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
What are the types of price elasticity of demand?
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
Demand for wine is elastic or inelastic?
Highly elastic.
How is elastic demand represent graphically?
A perfectly elastic demand is represented on the traditional supply and demand graph with a straight horizontal line. An elastic demand that is not perfect would be represented as any line with a slope between 0 and -1.
When demand is perfectly elastic what happens to marginal revenue?
When Demand is perfectly elastic, Marginal Revenue is identical with price.
What is Elastic demand?
Elastic demand means something increases or decreases as the price of an item goes down or up.
What is the mathematical definition of perfectly elastic demand?
If ep = dQ/dP.P/Q = infinity, the demand is perfectly elastic.
