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What is an example of a good for which the demand is likely to become more elastic over time if prices change dramatically?
gasoline
What else can I help you with?
Is an example of a good for which the demand is likely to become more elastic over the time if the price change dramatically?
gasoline
What is a perfect elastic example that demonstrates the concept of perfectly elastic demand?
An example of perfectly elastic demand is when a small change in price leads to an infinite change in quantity demanded. This means consumers are willing to buy any quantity of a good at a specific price, such as a generic product like salt or water.
When the price elasticity of a demand is large what happens?
Having a high price elasticity on a demand means that if there's a price change, the amount demanded will dramatically change. An example of a product with high elasticity is bananas. During the natural disaster in North Queensland, Australia, most of the banana crops were destroyed, and because of the supply going down, price went up. In response to this up-rise in price, demand for bananas dramatically decreased. Meaning it's a highly elastic product.
Why wood is an elastic material?
Most of the materials can be considered elastic at least for a specific range. For example, Wood is elastic when we compare it with glass. Their modulus of elasticity cannot be calculate. However;It is anisotropic material. (its elasticity will be change if your loading parallel to its fibers or perpendicular.)
Which example best illustrates a change from elastic potential energy to kinetic energy?
A ball dropped from a height transforms its stored elastic potential energy due to gravity into kinetic energy as it accelerates downward.
What is the definition of perfectly elastic supply?
The definition of perfectly elastic supply is a supply that can change along with the demand. This means if paper for example is not demanded in large quantities and then all of the sudden is there will be enough paper to supply the demand.
How do you know if your turtle mated with another turtle?
she will become egg bound until she finds a suitable spot to lay her eggs and her behavior will change dramatically
Why is the elastic clause important today?
it allows the government to change as the times change
Is the concept of unit elastic versus elastic demand better understood through a comparison of their respective price sensitivity levels?
Yes, the concept of unit elastic versus elastic demand is better understood through comparing their price sensitivity levels. Unit elastic demand occurs when the percentage change in quantity demanded is equal to the percentage change in price, while elastic demand occurs when the percentage change in quantity demanded is greater than the percentage change in price.
Did alex wolff's voice change?
Yes dramatically
How did the election change in the early 1800's?
Male voter turnout increased dramatically.
When a product is known to have an 'elastic demand' it means?
When a product has elastic demand it means that a change in price will have a subsequent change in price. An example of an elastic good is a fuji apple. If the prices of fuji apples increase, then consumers will buy a substitute, like a pear instead. Say we are given a good, like food (in general), this product would be inelastic. Even a large increase in price would could little change in demand because people need this good.
