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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 do positive and negative cross elasticity indicate?
the demand for good A and the demand for good B are both price elastic
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.
How is current demand related to the future price of a good?
If the price is expected to drop, current demand will fall.
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?
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.
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 cross elastic?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
What do positive and negative cross elasticity indicate?
the demand for good A and the demand for good B are both price elastic
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.
How is current demand related to the future price of a good?
If the price is expected to drop, current demand will fall.
How is the current demand for a good related to is future price?
If the price is expected to drop, current demand will fall.
Demand is said to be elastic if?
buyers do not respond much to changes in the price of the good.
How is the current demand for a good related to its future prices?
If the price is expected to drop, current demand will fall.
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 =)
