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If the demand of goods is elastic what should be done with the price in order to realize more revenues?
If the demand for goods are elastic, then small changes in the price will have larger effects on the quantity demanded. In order to realize more revenues, the producer may decrease prices a little, leading to a large increase in the quantity demanded. Eg Price Quantity Demanded Profit Elastic 5 1500 7500 6 1000 6000 Inelastic 5 1100 5500 6 1000 6000
What else can I help you with?
How would the demand have to change for a price change to be unitary elastic?
For demand to be unitary elastic, the percentage change in quantity demanded must equal the percentage change in price. This means that if the price increases by a certain percentage, the quantity demanded should decrease by the same percentage, and vice versa. In this scenario, total revenue remains constant, as the loss in revenue from decreased sales is exactly offset by the higher price. Thus, the responsiveness of demand to price changes must be perfectly balanced.
Is the demand for higher education income elastic income inelastic or neither?
It is likely "income elastic" because the reverse is true: the number of people seeking higher education can decrease when the cost of that education goes up (unaffordable). So with more money available to potential students, you should see a rise in the number of college applicants. This has definitely occurred during periods when government grants covered all or part of the expense.
Why elasticity of demand should be the important factor for producers of commodities?
Elasticity of demand is crucial for producers as it measures how sensitive consumers are to price changes. Understanding this concept helps producers set optimal pricing strategies, forecast revenue changes, and make informed production decisions. If demand is elastic, a small price increase could lead to a significant drop in sales, while inelastic demand may allow for higher pricing without losing customers. Thus, recognizing elasticity enables producers to maximize profits and respond effectively to market dynamics.
What is the Practical application of law of demand and supply in economics?
The law of demand denotes that a drop in the rate of a commodity hikes the volume demanded. The price elasticity of demand measures the volume demanded responds to a variation in price. Demand for a commodity is said to be elastic if the volume demanded reacts considerably to variations in price. Demand is said to be inelastic if the volume demanded reacts only slightly to variations in the price. The price elasticity of demand for any commodity measures how enthusiastic consumers are to shift from the commodity as its price hikes. Therefore, the elasticity reproduces the many economic, social and psychological forces that shape consumer tastes. Depending on familiarity, nevertheless we can denote common rules about what ascertains the price elasticity of demand.
Should you think about supply and demand when considering your future career?
1. How do supply and demand affect choices?
Are matals normally used in their elastic or plastic range?
ELASTIC!@!!!! No offense but if you know what plastic and elastic deformation is you should know that once a metal enters its plastic range it cannot return to its original length. You should also realize that each successive loading cycle will eventually cause the metal to fail. An example of this is bending a paper clip back and forth until it breaks.
Is it should realized or should realize?
Let's step through the verb realize from future to present to past to past participle. Ready? Let's jump. I will realize. I could realize. I should realize. I realize. I realized. I have realized. I could have realized. I should have realized. The word realized is past tense. You can't "should realized" in this light. You should realize that.
Which side should an elastic girth be attached to saddle?
The elastic goes on the left.
What is the difference between elastic demand and inelastic demand?
Elastic demand is essentially when something it a luxury, hence it can become less when price increases eg. that last piece of choc cake that you would normally buy, you decide not to, whereas the inelastic demand generally refers to a product/service that is essential or a necessity so as the price increases the consumption should remain the same regardless of price increase. for instance you need a loaf of bread, your going to buy it regardless of increase. there is the process of substitution, by which the inelastic demand could be switched to a cheaper brand, so say you want beans for your bread, you opt for the half price 10p special rather than your usual choice of heinz's best recipe. Hope this helps!
Does gluten make the dough more elastic?
if you want your dough more elastic you should knead it for a long time and let it sit, throwing it at your counter will make it even more elastic.
What energy do we give to a strong if we stretch it?
It should be string. That is elastic potential energy
Basic principle of sound tax system?
(1) Fiscal adequacy - means that the sources of revenues should be sufficient to meet the demand of public expenditures.(2) Equality or theoretical justice - means that the tax burden should be in proportion to the taxpayer's ability to pay. (ability-to-pay principle). (3) Administrative feasibility - means that tax laws should be capable of convenient, just and effective administration.
When a firm's marginal revenues are higher than its marginal cost?
Marginal cost is
Should I look for maternity pants with a belt or an elastic closure?
Maternity pants with elastic closures are very comfortable and it easily fits over a woman's growing belly.
Can an ideal simple pendulum realize?
no we cannot realize an ideal simple pendulum because for this the string should be weightless and inextendible.
How do you use realise in a sentence?
I can give you several sentences.Do you realize that you're supposed to do this homework yourself?I realize that cheating is easy.You should realize that the teacher can spot copying as easily as I can.
Is the demand for higher education income elastic income inelastic or neither?
It is likely "income elastic" because the reverse is true: the number of people seeking higher education can decrease when the cost of that education goes up (unaffordable). So with more money available to potential students, you should see a rise in the number of college applicants. This has definitely occurred during periods when government grants covered all or part of the expense.
