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What accurately describes in which consumers have elastic demand?
Consumers have elastic demand when their quantity demanded for a product significantly changes in response to price fluctuations. This typically occurs with non-essential goods or services, where substitutes are readily available, allowing consumers to easily switch if prices rise. For example, luxury items or specific brands often exhibit elastic demand, as consumers can forgo these purchases or choose alternatives if the price increases. Conversely, essential goods with fewer substitutes tend to have inelastic demand, as consumers will continue to purchase them regardless of price changes.
What factors tend to make demand curves more price elastic?
Close substitutes, increased income, luxury goods, time. Addiction makes demand less elastic, (inelastic) ex. Cigarettes. As time increases more substitutes become available.
If a good is a necessity with few substitutes then the price elasticity of demand will tend to be?
lower
What is an elastic good and give 5 examples?
An elastic good is a product whose demand significantly changes in response to price fluctuations. When the price of an elastic good increases, consumers tend to buy much less of it, and vice versa. Examples of elastic goods include luxury items like designer clothing, electronics such as smartphones, restaurant meals, travel services, and non-essential household items. These goods typically have readily available substitutes, making consumers more sensitive to price changes.
Will a product tend to be elastic or inelastic if the purchase of a product can be delayed?
The product will tend to be elastic if the purchase of a product could possibly be delayed.
What accurately describes in which consumers have elastic demand?
Consumers have elastic demand when their quantity demanded for a product significantly changes in response to price fluctuations. This typically occurs with non-essential goods or services, where substitutes are readily available, allowing consumers to easily switch if prices rise. For example, luxury items or specific brands often exhibit elastic demand, as consumers can forgo these purchases or choose alternatives if the price increases. Conversely, essential goods with fewer substitutes tend to have inelastic demand, as consumers will continue to purchase them regardless of price changes.
What factors tend to make demand curves more price elastic?
Close substitutes, increased income, luxury goods, time. Addiction makes demand less elastic, (inelastic) ex. Cigarettes. As time increases more substitutes become available.
If a good is a necessity with few substitutes then the price elasticity of demand will tend to be?
lower
What is an elastic good and give 5 examples?
An elastic good is a product whose demand significantly changes in response to price fluctuations. When the price of an elastic good increases, consumers tend to buy much less of it, and vice versa. Examples of elastic goods include luxury items like designer clothing, electronics such as smartphones, restaurant meals, travel services, and non-essential household items. These goods typically have readily available substitutes, making consumers more sensitive to price changes.
Will a product tend to be elastic or inelastic if the purchase of a product can be delayed?
The product will tend to be elastic if the purchase of a product could possibly be delayed.
How does an increase in price affect how much of a product is bought?
An increase in price typically leads to a decrease in the quantity demanded for a product, following the law of demand. As prices rise, consumers may seek substitutes or reduce their overall consumption of the product. This relationship can vary based on factors such as the product's necessity, availability of alternatives, and consumer income. In general, higher prices tend to deter purchases, while lower prices encourage them.
Sodium and chloride ions combine readily because they both tend to lose?
true
Why does demand for substitutes tend to move in the opposite direction from each other?
Answer this question… A. When the price of a good goes up, consumers shift their demand to its substitute. B. Substitute goods have perfect unit elasticity for each other. C. Substitute goods tend to have inelastic demand. D. One of the substitutes is usually elastic, while the other is inelastic.
What accessories tend to accompany ball dresses?
Ball dresses typically do not come with accessories when they are purchased. However, accessories such as wraps and gloves can be purchased at the time the dress is purchased, these items are readily available and can be color coordinated at the time of the purchase.
Why can hypoglycemia cause lethargy?
Hypoglycemia is a condition where there is not enough sugar in your blood. Blood sugar is the most readily available fuel for your body to use in exercise. It seems natural that people who do not have enough fuel in their blood would tend to be less active.
Three factors that make a product inelastic?
A product is considered inelastic when its demand does not significantly change with price fluctuations. Three factors that contribute to this inelasticity include: 1) Necessity: Essential goods, like basic food items or medications, tend to have inelastic demand because consumers need them regardless of price changes. 2) Lack of substitutes: When there are few or no alternatives available, consumers must continue purchasing the product even if prices rise. 3) Small portion of income: Products that constitute a minor expense in a consumer's budget, such as salt or toothpaste, are less sensitive to price changes, leading to inelastic demand.
What is product cost as cost of market segmentation?
When segmenting broad product-markets, cost considerations tend
