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Because elasticity means when the demand is changing. a subsitute consumer in choice of theory. the substiture affects elasticity is it changes over time. substitute is choice and elasticity is demand. put those together and you have a fair deal with your money.
Meredith Stracke
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What are four factors that affect elasticity?
Availability of Substitutes Relative Importance Necessities vs. Luxuries Change Over Time
A cross elasticity of demand coefficient of plus 2.5 indicates that the two products are substitutes?
True or False: A cross elasticity of demand coefficient of +2.5 indicates that the two products are substitutes.
Is price elasticity of demand considered elastic or inelastic with food?
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
If a good is a necessity with few substitutes then the price elasticity of demand will tend to be?
lower
What effect does the availability of many good substitutes have on the elasticity of demand for a good?
Demand is elastic
What are four factors that affect elasticity?
Availability of Substitutes Relative Importance Necessities vs. Luxuries Change Over Time
How does substitutes affect elasticity?
Because elasticity means when the demand is changing. a subsitute consumer in choice of theory. the substiture affects elasticity is it changes over time. substitute is choice and elasticity is demand. put those together and you have a fair deal with your money.
A cross elasticity of demand coefficient of plus 2.5 indicates that the two products are substitutes?
True or False: A cross elasticity of demand coefficient of +2.5 indicates that the two products are substitutes.
What does the availability of many substitutes have on the elasticity of the demand for a good?
Demand is elastic
Is price elasticity of demand considered elastic or inelastic with food?
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
If a good is a necessity with few substitutes then the price elasticity of demand will tend to be?
lower
Factors affecting elasticity of demand for coke?
availability of substitutes is one of the major factor
What effect does the availability of many good substitutes have on the elasticity of demand for a good?
Demand is elastic
What changes the elasticity of rubber?
Temperture changes will affect the elasticity of rubber.
Does temperature affect the elasticity of an object?
As temperature decreases, elasticity also decreases.
Does temperature affect the elasticity of a gummy worm?
Yes it does affect it
Factors of Elasticity of demand?
1- Availability of substitutes 2- Amount of income available to spend on the good 3- Time
