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Luxury goods like Dom Perignon champagne tend to have elastic demand curves?
correct
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.
What are the 3 steps for working with demand and supply graphs?
The three steps for working with demand and supply graphs are: Identify the Curves: Determine the demand and supply curves on the graph, ensuring you understand their slopes—demand curves generally slope downwards while supply curves slope upwards. Determine Equilibrium: Find the equilibrium point where the demand and supply curves intersect, indicating the equilibrium price and quantity in the market. Analyze Shifts: Assess any factors that may cause shifts in the demand or supply curves, such as changes in consumer preferences or production costs, and illustrate these shifts on the graph to understand their impact on equilibrium.
The horizontal sum of all individual demand curves is known as?
The MArket Demand Curve
What is the shape of a market demand curve?
Usually market demand curves are downward sloping.
Luxury goods like Dom Perignon champagne tend to have elastic demand curves?
correct
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.
What are the 3 steps for working with demand and supply graphs?
The three steps for working with demand and supply graphs are: Identify the Curves: Determine the demand and supply curves on the graph, ensuring you understand their slopes—demand curves generally slope downwards while supply curves slope upwards. Determine Equilibrium: Find the equilibrium point where the demand and supply curves intersect, indicating the equilibrium price and quantity in the market. Analyze Shifts: Assess any factors that may cause shifts in the demand or supply curves, such as changes in consumer preferences or production costs, and illustrate these shifts on the graph to understand their impact on equilibrium.
The horizontal sum of all individual demand curves is known as?
The MArket Demand Curve
What is the shape of the market demand curve?
Usually market demand curves are downward sloping.
What is the shape of a market demand curve?
Usually market demand curves are downward sloping.
What is eqiliblum point in the demand and supply?
The point of intersection of Demand and Supply curves is the equilibrium point.
Do economist classify demand curves according to their elasticity?
yes, they do.
Which of these shows the amount of goods and services demanded by buyers?
both demand schedules and demand curves PSG on A+
What kind of elastic demand does electricity belong?
It depends on whether electricity is necessity or luxury. In the US where electricity is a necessity, the demand is likely to be inelastic In Africa where electricity is luxury, the demand is likely to be elastic
Is price elasticity constant along demand curves?
explain why the price elasticity of demand varies along a demand curve, even if the demand curve is linear.
What is point located at the supply and demand curves intersect?
The equilibrium price.
