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buang ka
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∙ 11y ago
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Why study elasticity of demand and supply?
We have to study the elasticity of demand and supply so that we can know what we want to know.
What factor had the greatest influence on elasticity and in elasticity of supply?
Demand from consumers.
What does the equillibrium point on a supply and demand graph represent?
which is true about the functional relationship shown in the graph
How is elasticity of supply related to elasticity of demand?
Elasticity of supply refers to the responsiveness of guantity supplied of a commodity to changes in its own price. And the formulafor measuring elasticity of supply percentagechange in quantity supplied/ %change in price
What is price elasticity?
price elasticity is the degree of responsiveness of demand or supply to a small change in price.
Why study elasticity of demand and supply?
We have to study the elasticity of demand and supply so that we can know what we want to know.
Elasticity as applied to demand and supply?
Do not answer this...hahah
What factor had the greatest influence on elasticity and in elasticity of supply?
Demand from consumers.
What does the equillibrium point on a supply and demand graph represent?
which is true about the functional relationship shown in the graph
How is elasticity of supply related to elasticity of demand?
Elasticity of supply refers to the responsiveness of guantity supplied of a commodity to changes in its own price. And the formulafor measuring elasticity of supply percentagechange in quantity supplied/ %change in price
What is price elasticity?
price elasticity is the degree of responsiveness of demand or supply to a small change in price.
What happens to the price if supply increases?
If the cost of supply falls for each unit of supply (a shift of the supply curve right), the change in price depends on the price elasticity of demand: Price is unchanged when price elasticity of demand is infinite. Price falls when price elasticity of demand is less than infinite.
Point elasticity of supply?
The point elasticity of supply is a measure of the rate of response of quantity demand due to a price change. The higher the elasticity, the more sensitive the sellers are to these changes.
3 Why is it difficult to judge the price elasticity of demand if you are merely observing the appearance of a demand curve on a graph?
Because elasticity is changes depending on the price it is evaluated at. This will then mean that elasticity is different at different point on a demand curve. It can also depend on the scale the demand curve is drawn to
Supply and demand graph curve of hybrid cars?
supply and demand curve for hybrid vehicles
What is the degree to which the supply or demand of something responds to changes in price?
Elasticity.
Why is it difficult to judge elasticity of demand or supply if you are merely observing the appearance of a demand or supply curve on a graph?
Because it is basically curved shape, therefore, there are points/areas on the curve where the demand or supply will be elastic and on some other parts be inelastic. At the top of the curve, demand/supply tends to be inelastic and at the bottom of the curve, it tends to be elastic. Obviously, the more you go up the more we reach the perfectly inelastic demand/supply and the further you go down the curve, the more you reach the perfectly elastic demand/supply
