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Necessities tend to have inelastic demand because consumers will continue to purchase them regardless of price changes, as they are essential for survival or well-being. In contrast, luxuries have more elastic demand, meaning that consumers are more sensitive to price changes and may forgo these items when prices rise. This distinction affects how businesses price their products and how they respond to market fluctuations. Overall, the more essential a good is, the less elastic its demand tends to be.
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What are four factors that affect elasticity?
Availability of Substitutes Relative Importance Necessities vs. Luxuries Change Over Time
What factors affect the elasticity of demand?
There are plenty of factors affecting elasticity of demand including climate of the area. Other factors that effect elasticity of demand include supply and group of people buying.
Difference between securities exchange vs OTC market?
There are two primary differences between securities exchange and OTC. They are that OTC does not have a physical place and they seldom affect stock prices.
Explain Price Elasticity of Demand?
Well, the definition of elasticity (in the context of economics) is a fluctuation in consumer demand relative to changes in price. A product is considered elastic if a small price change has a large impact on demand (ratio of +1), and vice versa; it is considered inelastic if change in price has little impact on demand (ratio of -1). It is usually compared to a rubber band. Now, elasticity of demand is based on several factors on whether or not it is elastic: Availability of substitutes: electricity or no electricity, this or that pizza joint Relative Importance: simply, opportunity cost. Necessity vs. Luxury: Necessity is inelastic whereas luxury is elastic. Change over Time: market doesn't always change quickly. Marketing techniques: techniques to sell product, such as endorsements, humor, beauty appeal, etc. If anyone can help to make this more clear, please do so.
What the examples of trade-off in terms of logistics?
Time vs. Money Quantity vs. Quality Stability vs. Speed -dj
What are four factors that affect elasticity?
Availability of Substitutes Relative Importance Necessities vs. Luxuries Change Over Time
What does the slope of load vs deflection the represent?
It is an approximate measure of elasticity.It is an approximate measure of elasticity.It is an approximate measure of elasticity.It is an approximate measure of elasticity.
What factors affect the elasticity of demand?
There are plenty of factors affecting elasticity of demand including climate of the area. Other factors that effect elasticity of demand include supply and group of people buying.
What are the factors that affect storm hydrographs?
time vs. flowrate
What are some variables that affect motor learning and performance?
blocked vs. random practice blocked vs. random practice
How would you carry out a elasticity test?
To carry out an elasticity test, you would typically apply a known amount of force or stress to the material and measure the resulting deformation or strain. By plotting stress vs. strain on a graph, you can determine the material's elasticity, including its Young's modulus and ultimate tensile strength. This test is commonly performed using a universal testing machine according to specific standards such as ASTM or ISO.
How did the columbian affect the Americas ans eroupes?
Mabury vs Madison
Did interstate commerce affect brown vs board of education?
yes
What does blood transfusion graft-vs.-host disease affect?
Blood transfusion graft-vs.-host disease affects mostly the blood.
What was life like for a young woman in 1881 in America for someone in a poor family vs a rich family?
In 1881 a poor young women often suffered from poverty and poor health while a rich young women had many luxuries.
In the case of Plessy vs Ferguston the superem court upheld the constitutionality of?
population had a lasting affect on
What does a stress vs strain plot show in the context of material testing?
A stress vs strain plot shows how a material responds to applied force. Stress is the force applied per unit area, while strain is the resulting deformation. The plot helps determine a material's mechanical properties, such as its strength and elasticity.
