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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.
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What accurately describes a situation in which consumers have elastic demand?
Ppl give up eating pasta and breadbc they want to lose weight - apex :)
Which of the following accuratly describes a situation in which consumers have elastic demand?
People give up eating pasta and bread because they want to lose weight
What accurately describes a situation in which consumers have inelastic demand?
People cannot quit drinking coffee even though they want to cut down on caffeine intake.
What goods or services might a tax increase be hardest to pass on to consumers?
a product with elastic demand
How does demand tend to be more elastic in the short run than in the long run?
In the short run, consumers have fewer options to adjust their purchasing behavior, making demand more sensitive to price changes. In the long run, consumers have more time to find substitutes or adjust their budgets, making demand less elastic.
What accurately describes a situation in which consumers have elastic demand?
Ppl give up eating pasta and breadbc they want to lose weight - apex :)
Which of the following accuratly describes a situation in which consumers have elastic demand?
People give up eating pasta and bread because they want to lose weight
What accurately describes a situation in which consumers have inelastic demand?
People cannot quit drinking coffee even though they want to cut down on caffeine intake.
What goods or services might a tax increase be hardest to pass on to consumers?
a product with elastic demand
How does demand tend to be more elastic in the short run than in the long run?
In the short run, consumers have fewer options to adjust their purchasing behavior, making demand more sensitive to price changes. In the long run, consumers have more time to find substitutes or adjust their budgets, making demand less elastic.
If the elasticity is greater than 1 is demand elastic or inelastic If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
If the elasticity is greater than 1, demand is considered elastic, meaning that consumers are highly responsive to price changes. Conversely, if the elasticity equals 0, demand is perfectly inelastic, indicating that quantity demanded does not change regardless of price fluctuations. In this case, consumers will purchase the same amount no matter the price.
What is a good with elastic demand?
A good with elastic demand is one where a small change in price leads to a significant change in the quantity demanded. For example, luxury items like designer clothing or electronics often exhibit elastic demand; if their prices rise, consumers may quickly reduce their purchases or switch to alternatives. Conversely, essentials like bread or milk typically have inelastic demand, as consumers will buy them regardless of price changes.
If a good increase in price and demand drops is the demand inelastic or elastic?
If a good experiences a price increase and a significant drop in demand, it indicates that the demand for that good is elastic. Inelastic demand would typically show little change in quantity demanded despite price fluctuations. Elastic demand means consumers are sensitive to price changes, leading to a considerable reduction in demand when prices rise.
What term describes the total demand of all consumers for a company's product or service?
market demandAnother AnswerGlobal market demand would cover all consumers.
Explain Why an item that has many substitutes tend to have elastic demand?
An item with many substitutes tends to have elastic demand because consumers can easily switch to alternative products if the price of the item rises. This high availability of substitutes means that even a small increase in price can lead to a significant decrease in quantity demanded, as consumers opt for cheaper alternatives. Consequently, the demand for such items is sensitive to price changes, resulting in a more elastic demand curve.
Is the monopolist's demand curve elastic or inelastic?
The monopolist's demand curve is typically inelastic, meaning that changes in price do not have a significant impact on the quantity demanded by consumers.
What are the differences between elastic, inelastic, and unit elastic demand, and how do they impact the pricing and sales of a product?
Elastic demand means that a small change in price leads to a large change in quantity demanded. Inelastic demand means that a change in price has little impact on quantity demanded. Unit elastic demand means that the percentage change in price is equal to the percentage change in quantity demanded. For pricing and sales, elastic demand typically leads to lower prices and higher sales volume, as consumers are more sensitive to price changes. Inelastic demand allows for higher prices with less impact on sales volume, as consumers are less sensitive to price changes. Unit elastic demand falls in between, with price changes having a proportional impact on sales volume.
