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What are the key differences between an inelastic and elastic graph in terms of price and quantity changes?
In an inelastic graph, price changes have a small impact on quantity demanded, while in an elastic graph, price changes have a significant impact on quantity demanded.
To describe explain and predict changes in the price and quantity of goods sold?
Laws of Supply and Demand explain and predict changes in the price and quantity of goods sold.
How do price changes affect equilibrium?
Price changes affect the equilibrium price and quantity by Serving as a tool for distributing goods and services.
When the quantity demanded responds strongly to changes in price demand is said to be?
elastic:elasticity is %change in q / %change in ptherefore when quantity responds strongly to price, then it is price elastic
When the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
What are the key differences between an inelastic and elastic graph in terms of price and quantity changes?
In an inelastic graph, price changes have a small impact on quantity demanded, while in an elastic graph, price changes have a significant impact on quantity demanded.
To describe explain and predict changes in the price and quantity of goods sold?
Laws of Supply and Demand explain and predict changes in the price and quantity of goods sold.
What is the price of elasticity of demand?
The responsiveness of quantity demanded to changes in the price of a good
How do price changes affect equilibrium?
Price changes affect the equilibrium price and quantity by Serving as a tool for distributing goods and services.
When the quantity demanded responds strongly to changes in price demand is said to be?
elastic:elasticity is %change in q / %change in ptherefore when quantity responds strongly to price, then it is price elastic
What are the changes under the elasticity concept?
Under the concept of elasticity, changes in price lead to changes in quantity demanded or supplied. If demand is elastic, a small change in price results in a proportionally larger change in quantity demanded. If demand is inelastic, a change in price leads to a proportionally smaller change in quantity demanded. Elasticity helps to understand how consumers and producers respond to price changes in the market.
What is the difference between elastic and inelastic?
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
When the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
When the quantity sold of a good changes significantly in response to changes in price its demand?
highly elastic
Is the degree of responsive with which quantity demanded changes due to changes in the price of a product?
Yes. Imagine you are in the market to buy a sports car. A $100 increase in price is not likely to affect the quantity you will demand. However, if you are in the market for bananas a $100 increase in price will definitely affect the quantity you will demand.
When an item is neither a substitutes nor a complement it is called?
When an item is neither a substitute nor a complement, it is referred to as an independent good. This means that the demand for this good is not affected by the price changes of other goods. Essentially, changes in the price of related items do not influence the quantity demanded of independent goods.
What is price changes?
price change is reaction of consumer and measure the ful effecof the change in a price of goods of the quantity purchase
