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If the elasticity of demand for a good at a certain price is greater than One we describe demand as?
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∙ 7y ago
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∙ 7y ago
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If a demand for a product is elastic the value of the price elasticity coefficient is?
greater than one
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
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... :)
If the elasticity of demand is equal to one then the demand is?
Unitary elasticity is when the price elasticity of demand is exactly equal to one.
If people have more time to adjust to a price change what happens?
The greater will be the price elasticity of demand.
Uses of cross elasticity of demand?
Cross elasticity in economics, also referred to as cross-price elasticity is used to measure the changes of the demand of a certain commodity to the price changes of another good.
If a demand for a product is elastic the value of the price elasticity coefficient is?
greater than one
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
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... :)
If the elasticity of demand is equal to one then the demand is?
Unitary elasticity is when the price elasticity of demand is exactly equal to one.
If people have more time to adjust to a price change what happens?
The greater will be the price elasticity of demand.
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
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 does the term unitary elastic describe?
Unitary elastic is a demand whose elasticity is exactly equal to 1.
Method for measurement of Elasticity of Demand?
there are three methods of measuring elasticity of demand
Would the concepts of cross elasticity of cross elasticity of demand and income elasticity of demand be of any interest to a pharmaceutical company?
I am at a loss for the answer please help me.
Cross elasticity of demand?
In economics , the cross elasticity of demand and cross price elasticity of demand measures the responsiveness of the quantity demand of a good to a change in the price of another good.
