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Being counter intuitive means that such good doesn't exist ? Cos the professor said to find one so I thought there was one. Thank you for your answer
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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.
What is perfect elastic of demand?
A good's demand is considered perfectly inelastic when that good's demand does not change, no matter the price set. No matter how big or small the price change is. I would pay any price for air.
What is the The key factor that determines whether the supply of a good will be elastic or inelastic?
Time
The key factor that determines whether the supply of a good will be elastic or inelastic is .?
time
How does the quantity supplied of a good with a large elasticity of supply react to a price change?
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
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.
What is perfect elastic of demand?
A good's demand is considered perfectly inelastic when that good's demand does not change, no matter the price set. No matter how big or small the price change is. I would pay any price for air.
The key factor that determines whether the supply of a good will be elastic or inelastic is .?
time
What is the The key factor that determines whether the supply of a good will be elastic or inelastic?
Time
How does the quantity supplied of a good with a large elasticity of supply react to a price change?
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
Will a monopolist charge a lower price where demand is price elastic and a higher price where demand is price inelastic?
Yes. A monopolist would tend to charge a price closer to fair market value when the demand for a good is elastic. If not demand would be affected. With a monopoly controlled inelastic good the consumer has no recourse and there for would be and the mercy of the supplier.
If a price change causes the quantity demanded of a good to decrease by 30 percent while total revenue of that good increases by 15 percent is the demand curve elastic or inelastic?
inelastic
Is rice production consider as Inelastic demand or elastic demand?
Production itself cannot have inelastic demand, only supply. I will look at both cases. The demand for rice as a good is very inelastic. This is because people will buy rice no matter the price, because in many places of the world, it is their main source of food. Recently rice as skyrocketed in price (resulting in riots in places), but people still buy it. This is mainly out of necessity, but alternatives are emerging. The elasticity of supply is also inelastic, as we are looking at a huge rise in prices, but a very small change in production.
What good has inelastic supply and elastic demand a specific example of a good please?
Would someone answer my question please I need it due Monday :S Inelastic supply ensures a predictable level of supply and also a static cost price. Elastic demand would mean that you need to careful in planning your supply pipeline. if you order too much you may end up selling at or below cost or at lower than budgeted margins. Generally in a globalised open market these 2 conditions cannot exist for long. They are counter intuitive
How does the price range affect the elasticity of demand for a product?
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
How does the price range affect the elasticity of demand for the product?
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
Difference between elastic anelastic and plastic deformation?
In case of elastic deformation when the applyed stress disappears, the material returns in its initial form. In case of plastic deformation a remaining shape change occurs. Until a stress value - what is property of individual material - called flow stress, the material deforms elastically, afterwards plastically. You can find information about it for example in the following page: http://www.virginia.edu/bohr/mse209/chapter6.htm ## Please somebody correct my awful english, thanx ##
