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What describe a situation in which consumers have elastic demand?
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∙ 8y ago
Ppl give up eating pasta and breadbc they want to lose weight - apex :)
Cristobal Kuhlman
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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 goods or services might a tax increase be hardest to pass on to consumers?
a product with elastic demand
What does the term elastic describe?
demand that is very sensitive to a change in price ~novanet~ *deyanira :)*
Consumers who are willing and able to purchase a product of service create an economic situation referred to as what?
demandconsumption
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 goods or services might a tax increase be hardest to pass on to consumers?
a product with elastic demand
What does the term elastic describe?
demand that is very sensitive to a change in price ~novanet~ *deyanira :)*
Consumers who are willing and able to purchase a product of service create an economic situation referred to as what?
demandconsumption
Does the existence of a bandwagon effect makes demand more price elastic at each price?
Yes, it certsinly does. The demand curve will be more elastic if there is a bandwagon effect than if the demand is based only on the functional attributes of the commodity. "BANDWAGON, SNOB, AND VEBLEN EFFECTS IN THE THEORY OF CONSUMERS' DEMAND" (Leibenstein, 1950)
Describe three determinants of demand elasticity?
These three determinants are listed here: nature of commodity -the more perishable a good,lower will its elasticity of demand,middle income groups have highly elastic demand ,goods having alternative uses have elastic demand,for eg.milk
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
When demand is elastic?
The demand is elastic when the price is low. So people will buy more good so that it's demand will become more elastic. Moreover ,the demand is elastic when there are some new inventions.
When a firm's marginal revenue is zero what can be said about the elasticity of demand for the output of the firm A. Demand is inelastic. B. Demand is elastic. C. Demand is unit elastic.?
Demand is unit elastic.
Why is the word elastic used to describe products with a chaning supply or demand?
When talking about elastic supply in class, we used a rubber band as an example to describe it because of its ability to get back into it's original form. It has 'elasticity'
What do economists call a situation in which consumers buy a different quantity than they did before?
a change in demand
