0
What else can I help you with?
What factors determine the demand for perfectly elastic goods in the market?
The demand for perfectly elastic goods in the market is determined by factors such as the availability of close substitutes, consumer preferences, and the price of the good. When there are many substitutes available, consumers are more likely to switch to a different product if the price changes, leading to a perfectly elastic demand curve.
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
When demand is elastic a decrease in price causes quantity demanded to?
These factors mean that quantity will increase at a more than proportionate amount to price.
Is the price and demand for junk food elastic or inelastic?
elastic
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
What factors determine the demand for perfectly elastic goods in the market?
The demand for perfectly elastic goods in the market is determined by factors such as the availability of close substitutes, consumer preferences, and the price of the good. When there are many substitutes available, consumers are more likely to switch to a different product if the price changes, leading to a perfectly elastic demand curve.
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
When demand is elastic a decrease in price causes quantity demanded to?
These factors mean that quantity will increase at a more than proportionate amount to price.
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.
Is the price and demand for junk food elastic or inelastic?
elastic
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
When demand is perfectly elastic what happens to marginal revenue?
When Demand is perfectly elastic, Marginal Revenue is identical with price.
What is Elastic demand?
Elastic demand means something increases or decreases as the price of an item goes down or up.
Is the concept of unit elastic versus elastic demand better understood through a comparison of their respective price sensitivity levels?
Yes, the concept of unit elastic versus elastic demand is better understood through comparing their price sensitivity levels. Unit elastic demand occurs when the percentage change in quantity demanded is equal to the percentage change in price, while elastic demand occurs when the percentage change in quantity demanded is greater than the percentage change in price.
What are the types of price elasticity of demand?
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
What is The Total Revenue Rule?
if a price cut decreases total revenue, demand is elastic. if a price cut decreases total revenue, demand is inelastic. if a price cut leaves total revenue unchanged, demand is unit 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.
