0
An elastic good is one where the demand will change significantly when the price changes slightly. There are several examples of this, such as cereal, candy, or soft drinks. If the price of cereal increases, many people would quit buying it to get something cheaper.
The opposite of this is inelastic, which means that it will take a significant increase in price to get people to stop buying it. There are also several examples of this, such as gasoline, cell phone service, and cable. Even when prices increase people still continue to buy it.
What else can I help you with?
What cause a decrease in the price of a good?
Supply goes up, cost of production goes down, demand goes down... to name a few basic ones.
Administered Price Mechanism?
as per the name APM means administering the price of petroleum oil to control the demand & price from the oil marketing companies by the intevention of govt. recently petrol price is deregulated from it and APM is replaced with import parity pricing system.
Which name of product demand decrease when price increase?
The demand for a product typically decreases when its price increases, following the law of demand. This principle applies to most goods and services, where consumers tend to buy less of a product as it becomes more expensive, opting instead for alternatives or forgoing the purchase altogether. However, some exceptions exist, such as Giffen or Veblen goods, where demand may not decrease as expected with rising prices.
Definition of equilibrium price and what is the name of the mechanism for setting price in a free market system?
Equilibrium price is the market price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers. In a free market system, the mechanism for setting this price is known as the "price mechanism," which operates through the forces of supply and demand, allowing prices to adjust based on changes in market conditions. This dynamic interaction ensures that resources are allocated efficiently as buyers and sellers respond to price changes.
What did she do Leontyne Price?
name '2'places where Leontyne Price performed at?
What some tricks to remember and finding the price and demand elasticity?
This is how i do it... the formula is in the name "price elasticity of demand" so its the quantity demanded divided by the change in price... so its just price and demand which is already in the name if you get what i mean... its quite easy for me to rmr it that way....Hope i helped!!!
Current name of Persia?
Price of Persia
Define equilibrium price and name the mechanism for setting this price in a free-market system?
The equilibrium price refers to the price point at which supply and demand are equal. This price can be found by applying the three basic properties of equilibrium.
What is the current petrol price at the Exxon gas station?
It is difficult to say what the current price at the Exxon gas station is. Gas prices vary from state to state, and even city to city. If one provides the name of the city, the current price could be found.
What is another name for elastic?
Another name for the Elastic Clause is the Necessary and Proper Clause.
What is the name for elastic force?
The name for the force exerted by a stretched or compressed elastic material is called "elastic force." It is the force that tries to restore the material to its original shape or size when it is deformed.
Name an elastic material?
k
What cause a decrease in the price of a good?
Supply goes up, cost of production goes down, demand goes down... to name a few basic ones.
What is the name of the clause that gives Congress broad power in law making?
The Elastic clause.
What is the name for stretching eneergy?
Elastic energy
Administered Price Mechanism?
as per the name APM means administering the price of petroleum oil to control the demand & price from the oil marketing companies by the intevention of govt. recently petrol price is deregulated from it and APM is replaced with import parity pricing system.
What is another name for checking account?
"cuenta corriente" this is in spanish
