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Which demand can become more elastic over time what changes can take place in the long term to affect demand?
Wiki User
∙ 11y ago
Gasoline
Wiki User
∙ 11y ago
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What is an example of a good for which the demand is likely to become more elastic over time if the price changes dramatically?
gasoline
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
When the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
Demand is said to be elastic if?
buyers do not respond much to changes in the price of the good.
What is perfect elastic of demand?
A good's demand is considered perfectly inelastic when that good's demand does not change, no matter the price set. No matter how big or small the price change is. I would pay any price for air.
What is an example of a good for which the demand is likely to become more elastic over time if the price changes dramatically?
gasoline
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 the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
When the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
When the quantity sold of a good changes significantly in response to changes in price its demand?
highly elastic
Demand is said to be elastic if?
buyers do not respond much to changes in the price of the good.
How useful are the concept of elasticity in running a business successfully?
By the concept of Elasticity in the context of running a business.. the best view is taken in the elasticity of demand. Goods and Services are either highly elastic or low elastic. A good with highly elastic demand will have higher changes to quantities demanded for relatively small changes in price. Whereas something with a lower elastic demand, will not have major changes in demand for a small change in price. So for example, the price of a diamond is highly elastic, a small change in say a fall of diamond prices will have a huge impact, whereas something like salt, an increase or decrease in price will not affect the amount demanded. Thats how useful the concept of elasticity is in running a business successfully.
What is perfect elastic of demand?
A good's demand is considered perfectly inelastic when that good's demand does not change, no matter the price set. No matter how big or small the price change is. I would pay any price for air.
What does a perfectly elastic demand curve mean?
it is the graphic representation of the changes in demand due to the availability of equal important substitude.
What is the difference between price elastic and unit elastic?
Unit elastic - Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 is unit elastic.
Price elasticity of demand for luxury goods will be?
elastic becoz wen price of the commodity changes , it affects the demand for the commodity .. Demand for a product is sensitive to price changes .. With icrease in price , the demand decreases nd with decrease in price , demand increases ..
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
