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To determine if a product is elastic or inelastic, you can analyze its price elasticity of demand (PED), which measures how much the quantity demanded changes in response to a price change. If the PED is greater than 1, the product is considered elastic, meaning consumers are sensitive to price changes. Conversely, if the PED is less than 1, the product is inelastic, indicating that demand remains relatively stable despite price fluctuations. Additionally, factors like the availability of substitutes, necessity versus luxury status, and the proportion of income spent on the product also influence elasticity.
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What factors determine whether a product has elastic, inelastic, or unit-elastic demand in the market?
The factors that determine whether a product has elastic, inelastic, or unit-elastic demand in the market include the availability of substitutes, the necessity of the product, the proportion of income spent on the product, and the time frame considered.
Is salt an elastic or inelastic product?
Inelastic
How do you determine if a collision was elastic inelastic or perfectly inelastic?
just check momentum before and after and if they're the same then elastic if not then inelastic.
Will a product tend to be elastic or inelastic if the purchase of a product can be delayed?
The product will tend to be elastic if the purchase of a product could possibly be delayed.
Is the price and demand for junk food elastic or inelastic?
elastic
What factors determine whether a product has elastic, inelastic, or unit-elastic demand in the market?
The factors that determine whether a product has elastic, inelastic, or unit-elastic demand in the market include the availability of substitutes, the necessity of the product, the proportion of income spent on the product, and the time frame considered.
Is salt an elastic or inelastic product?
Inelastic
How do you determine if a collision was elastic inelastic or perfectly inelastic?
just check momentum before and after and if they're the same then elastic if not then inelastic.
Will a product tend to be elastic or inelastic if the purchase of a product can be delayed?
The product will tend to be elastic if the purchase of a product could possibly be delayed.
Is the price and demand for junk food elastic or inelastic?
elastic
What will be the total higher quantity do in the elastic inelastic and unit-elastic?
The midpoint between elastic and inelastic is unit elastic
Is supply for bar soap inelastic or elastic?
is soap elastic or inelastic supply
How can you determine whether a collision is elastic or inelastic?
In an elastic collision, kinetic energy is conserved, meaning the total energy before and after the collision remains the same. In an inelastic collision, kinetic energy is not conserved, and some of the energy is transformed into other forms, such as heat or sound. To determine whether a collision is elastic or inelastic, you can calculate the total kinetic energy before and after the collision. If the total kinetic energy remains the same, it is an elastic collision. If the total kinetic energy decreases, it is an inelastic collision.
Is a BMW an elastic or inelastic?
elastic
Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
How can a product have both elastic and inelastic demand?
A product can exhibit both elastic and inelastic demand depending on various factors such as price range, consumer preferences, and availability of substitutes. For instance, a product may have inelastic demand at lower price levels, as consumers consider it a necessity, but become elastic at higher prices when alternatives become more attractive or budgets are strained. Additionally, the time frame can influence demand elasticity; short-term demand may be inelastic, while long-term demand can become more elastic as consumers adjust their behavior.
A price cut will increase the revenue a firm receives if the demand for its product is?
Either elastic or inelastic
