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Ppl give up eating pasta and breadbc they want to lose weight - apex :)
What else can I help you with?
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 does the term unitary elastic describe?
Unitary elastic is a demand whose elasticity is exactly equal to 1.
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 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.
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 does the term unitary elastic describe?
Unitary elastic is a demand whose elasticity is exactly equal to 1.
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 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.
Which explains how elastic demand would most likely affect consumer demand?
Elastic demand refers to a situation where the quantity demanded of a good or service significantly changes in response to price fluctuations. When demand is elastic, a small decrease in price can lead to a substantial increase in consumer demand, as buyers are more sensitive to price changes. Conversely, if prices rise, consumers may significantly reduce their purchases or seek alternatives. This responsiveness can influence pricing strategies and revenue for businesses, as they must consider how price changes will impact overall demand.
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 does the term elastic describe?
demand that is very sensitive to a change in price ~novanet~ *deyanira :)*
Demand for good is likely to be more elastic the smaller the fraction of consumer incomes absorrbedby to good?
Demand for a good tends to be more elastic when the good represents a smaller fraction of consumer incomes because consumers are more sensitive to price changes for goods that do not significantly impact their overall budget. When a good is inexpensive relative to income, consumers can easily substitute it with alternatives or forego it without substantial consequences to their financial situation. Conversely, for goods that consume a larger share of income, consumers are less responsive to price changes, leading to inelastic demand.
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.
