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What else can I help you with?
Relevance of Income elasticity of demand?
-determine the nature of the commodity -it can be applied in the intersection of marked demand and supply of commodities -help firms to respond to changing economic situations.
Describe three determinants of demand elasticity?
These three determinants are listed here: nature of commodity -the more perishable a good,lower will its elasticity of demand,middle income groups have highly elastic demand ,goods having alternative uses have elastic demand,for eg.milk
What is the determinants of price elasticity of demand?
the major determinants of price elasticity of demand Use own your own help and VU handouts, and listen to VU lecture carefully
Why do economist use percentage change to calculate elasticity of demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
Why do economists use percentage change to calculate elasticity demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
Relevance of Income elasticity of demand?
-determine the nature of the commodity -it can be applied in the intersection of marked demand and supply of commodities -help firms to respond to changing economic situations.
Describe three determinants of demand elasticity?
These three determinants are listed here: nature of commodity -the more perishable a good,lower will its elasticity of demand,middle income groups have highly elastic demand ,goods having alternative uses have elastic demand,for eg.milk
What is the determinants of price elasticity of demand?
the major determinants of price elasticity of demand Use own your own help and VU handouts, and listen to VU lecture carefully
Why do economist use percentage change to calculate elasticity of demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
Why do economists use percentage change to calculate elasticity demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
What is the price elasticity in a oligopoly?
in oligopoly what is the nature of price elasticity
What is the elasticity of demand for wal-mart?
The elasticity of demand for Walmart can vary depending on the product and market conditions. Generally, Walmart's demand is considered to be relatively inelastic because it offers a wide range of essential goods at low prices, making consumers less sensitive to price changes. However, for specific non-essential items or during economic downturns, demand may become more elastic as consumers seek alternatives. Overall, the demand elasticity for Walmart reflects both the nature of its products and the competitive retail environment.
What is the price elasticity of demand at the market equilibrium?
The price elasticity of demand at market equilibrium measures how responsive the quantity demanded is to a change in price at that specific point. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. At equilibrium, the elasticity can vary depending on the specific market conditions and the nature of the good or service. Generally, if demand is elastic, a small price change will lead to a larger change in quantity demanded, while inelastic demand indicates that quantity demanded is less responsive to price changes.
Determinants of own price elasticity of demand?
1. Number of Substitute Products - the greater the number of substitute products, the greater is its own price elasticity of demand. 2. Price of Product Relative to consumers income - the greater the price of product relative to consumers income the greater is it Price Elasticity. 3. Nature of Goods - whether it is luxury good or necessity goods. 4. Passage of Time - the longer the time lapsed the greater Price Elasticity. Hope this answer helps... :)
Why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its own price yet pay careful attention to the algebraic sign of the elasticity of d?
Economists often focus less on the algebraic sign of the price elasticity of demand for a good because it is inherently negative due to the law of demand: as price decreases, quantity demanded increases, and vice versa. Instead, they pay close attention to the elasticity of demand with respect to other factors (like income or prices of related goods) because the sign indicates the nature of the relationship—whether it is complementary or substitutive, for example. Understanding these relationships is crucial for analyzing market behavior and consumer choice.
What is the difference between price elasticity and cross elasticity of demand?
Cross price elasticity of demand measures how much demand of one good, say x changes when the price of another good, say y changes, holding everything else constant. For example, you can measure what happens to the demand of bread when the price of milk changes. The cross price elasticity is calculated as the percentage change in the quantity demanded of good x divided by the percentage change in the price of good y. If the cross price elasticity is negative, then we call such goods Complements (example: pizza and soft drinks -- they are consumed together). If the cross price elasticity is positive, then we call such goods Substitutes (example: pizza and burgers -- you usually consume either or). The income elasticity of demand measures the change in the quantity demanded of some good, when the income changes, holding everything else constant. For example you can measure what happens to the demand for expensive red wine when income increases. The income elasticity is calculated as the percentage change in the quantity demanded of the good divided by the percentage change in income. If the income elasticity for a good is positive we call them normal goods. It can be between 0 and 1, and we call it income inelastic demand for goods such as food, clothing, newspaper. If it is above 1, we call it income elastic demand. Examples are the red wine, cruises, jewelry, art, etc. If the income elasticity is negative, this means that as income increases, the quantity demanded for those goods actually decreases, we call those goods inferior goods. Examples are "Ramen noodles", cheap red wine, potatoes, rice. etc.
What does gum have to do with math?
Maybe the elasticity or selling price. Something of that nature.
