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The ranking of elasticity from least elastic (most inelastic) to most elastic is as follows: necessity goods, luxury goods, and normal goods.

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What is the ranking of the following products in order of elasticity of demand, from the least elastic to the most elastic?

The ranking of the products in order of elasticity of demand, from the least elastic to the most elastic, is as follows: necessity goods, luxury goods, and then substitute goods.


What products are elastic?

It depends a great deal on how widely you define the product. For example, the demand for "food" is completely inelastic, since there are no substitutes for "food". However, demand for apples will be far more elastic than the demand for food, since if the price of apples increases people can switch quite easily to a cheaper fruit. It is difficult to generalise what items are elastic, since not all items within the same group have equal "value" - brand loyalty for example will decrease elasticity for certain items. This means that, if I were to say that demand for baked beans was elastic, you could point out that Heinz baked beans experience far lower levels of price elasticity than other brands of baked beans. However, generally (very generally), unbranded/supermarket branded food items, when not defined too widely, will experience an elastic "price elasticity". Contrary to many expectations, fuel actually does seem to be price elastic - at least, to a certain level. Even though there are very few good substitutes for petrol etc... consumption does decrease when prices are raised.


Under what circumstances will a monopolistically competitive firm's demand curve be least elastic?

A monopolistically competitive firm's demand curve will be least elastic when its products are unique and have few close substitutes, leading to less responsiveness to price changes by consumers.


Corn price is elastic or inelastic?

Corn, like many food items is (relatively) inelastic. Many people will continue to buy it regardless of price, as they need it for sustenance. Actually, corn pricing is quite elastic, since the demand for corn encompasses at least five major purposes: human foodstuffs (excluding sweetners), food sweeteners, animal fodder, biofuels, and plastics-substitutes. Corn, while a core staple of many diets, is quite replaceable by other grains, and thus, demand for corn for human consumption can often be satisfied by wheat or barley or rice instead. Corn pricing has thus historically been quite elastic, with demand changing quickly depending on other substitute's pricing and new uses for corn. The elasticity of corn pricing is shown by the large change in demand when prices change in each of its primary markets: foodstuff corn demand is offset by foodstuff grain demand as corn prices increase; sweetener corn demand is offset by sugar demand; animal fodder demand is offset by hay, grains and synthetics; biofuel corn is replaced by grain or non-organics; and petrochemical platistics replace corn plastics. In each of these cases, there is a ready source of alternative, which is at least reasonably comparable in pricing; thus, changes in corn's pricing directly effect the demand for corn, as people either chose the alternative more (when corn's price goes up), or chose corn over the alternative (as corn's price decreases).


What factors among the following are least likely to promote economic growth?

Among the following factors, government instability, lack of infrastructure, and high levels of corruption are least likely to promote economic growth.

Related Questions

What is the ranking of the following products in order of elasticity of demand, from the least elastic to the most elastic?

The ranking of the products in order of elasticity of demand, from the least elastic to the most elastic, is as follows: necessity goods, luxury goods, and then substitute goods.


What items would be increased by the sale of the old equipment?

The "following" items would not be affected in the least!


What products are elastic?

It depends a great deal on how widely you define the product. For example, the demand for "food" is completely inelastic, since there are no substitutes for "food". However, demand for apples will be far more elastic than the demand for food, since if the price of apples increases people can switch quite easily to a cheaper fruit. It is difficult to generalise what items are elastic, since not all items within the same group have equal "value" - brand loyalty for example will decrease elasticity for certain items. This means that, if I were to say that demand for baked beans was elastic, you could point out that Heinz baked beans experience far lower levels of price elasticity than other brands of baked beans. However, generally (very generally), unbranded/supermarket branded food items, when not defined too widely, will experience an elastic "price elasticity". Contrary to many expectations, fuel actually does seem to be price elastic - at least, to a certain level. Even though there are very few good substitutes for petrol etc... consumption does decrease when prices are raised.


When can a commodity be completely inelastic?

Never. According to every economics textbook in existence, an "elastic" commodity is one where a one-percent price delta causes at least a one-percent demand delta. An "inelastic" commodity is one where a one-percent price delta causes less than a one-percent demand delta, and a "completely inelastic" commodity is one where demand doesn't change regardless of price changes. Here's reality: there is not one product in this world that you can increase the price of and not cause demand to fall.


What Renk the following in order from most precise to least precise?

To rank items from most precise to least precise, I would need to know the specific items you are referring to. Generally, precision could be determined by factors such as measurement accuracy, the specificity of information, or the level of detail provided. Please provide the specific items you want ranked, and I can assist you further!


Which one has the least elastic demand wine beverages Merlot red wine?

beverage


Under what circumstances will a monopolistically competitive firm's demand curve be least elastic?

A monopolistically competitive firm's demand curve will be least elastic when its products are unique and have few close substitutes, leading to less responsiveness to price changes by consumers.


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.)


What is least biodegradable aluminum or tin?

items made of what are the least biodegradable?


If there are two of the same results does it mean that it has reached the elastic limit?

well i think at least try it three or four more times to be sure but the elastic limit is when you can't do it any more


What trends developed during the reigns of the Julio-Claudian emperors?

What are the "following trends"? We need at least a clue before we can answer.What are the "following trends"? We need at least a clue before we can answer.What are the "following trends"? We need at least a clue before we can answer.What are the "following trends"? We need at least a clue before we can answer.What are the "following trends"? We need at least a clue before we can answer.What are the "following trends"? We need at least a clue before we can answer.What are the "following trends"? We need at least a clue before we can answer.What are the "following trends"? We need at least a clue before we can answer.What are the "following trends"? We need at least a clue before we can answer.


What is material elasticity?

A material is called elastic if the deformation produced in the body is completely recovered after the removal the load. For ideally elastic materials, a single valued (linear) and time independent relation exist between the forces and the deformations. Although it is hard to find an ideally elastic material, most of the materials can be considered elastic at least for a specific range.