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If the price of a good is zero is it a scarce good?
No. The more rare a good, and the more demand, the higher the price will be.
When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
What is price elasticity of vertical demand curve?
its zero I'll do a bit of the explanation: Price Elasticity of Demand captures the shift in demand for rises in prices in percentage terms. Therefore if a commodity is such that no matter what price the producer charges the consumer has no alternative but to buy it, then for any price the demand for that commodity remains unaltered, maybe an example is a monopolist salt producer. Therefore the demand curve must be vertical, no matter what the price the quantity demanded is same, hence the price elasticity is zero. (dq/dp)(p/q) = 0, because (dq/dp) = 0
Is a vertical demand elastic?
A vertical demand curve represents perfectly inelastic demand, meaning that the quantity demanded does not change regardless of price changes. Consumers will purchase the same amount of the good, regardless of its price, indicating that they have no substitutes or alternatives. In this case, the price elasticity of demand is equal to zero.
Is the elasticity of demand always negative?
No, the elasticity of demand can be positive, negative, or zero. It depends on how the quantity demanded changes in response to a change in price.
What are the 2 extreme situations of price elasticity of demand?
The two extreme ranges of price elasticity of demand are Zero and Infinity.
If the price of a good is zero is it a scarce good?
No. The more rare a good, and the more demand, the higher the price will be.
When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
How much does vdrinking water cost?
i) "If the demand curve is vertical, elasticity is zero"Price Elasticity of Demand captures the shift in demand for rises in prices in percentage terms. Therefore if a commodity is such that no matter what price the producer charges the consumer has no alternative but to buy it, then for any price the demand for that commodity remains unaltered, maybe an example is a monopolist salt producer. Therefore the demand curve must be vertical, no matter what the price the quantity demanded is same, hence the price elasticity is zero.
What is price elasticity of vertical demand curve?
its zero I'll do a bit of the explanation: Price Elasticity of Demand captures the shift in demand for rises in prices in percentage terms. Therefore if a commodity is such that no matter what price the producer charges the consumer has no alternative but to buy it, then for any price the demand for that commodity remains unaltered, maybe an example is a monopolist salt producer. Therefore the demand curve must be vertical, no matter what the price the quantity demanded is same, hence the price elasticity is zero. (dq/dp)(p/q) = 0, because (dq/dp) = 0
Is a vertical demand elastic?
A vertical demand curve represents perfectly inelastic demand, meaning that the quantity demanded does not change regardless of price changes. Consumers will purchase the same amount of the good, regardless of its price, indicating that they have no substitutes or alternatives. In this case, the price elasticity of demand is equal to zero.
Is the elasticity of demand always negative?
No, the elasticity of demand can be positive, negative, or zero. It depends on how the quantity demanded changes in response to a change in price.
If the value of the cross price elasticity of demand between two goods is approximately zero they are considered?
unrelated
Most mental disorders cannot be treated with medication.?
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What is a Pure competition?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero Economics profits.
What is pure competitive?
Firms are price takers, price is equal to marginal costs, demand is perfectly elastic, i.e. constant and horizontal, the firms makes zero Economics profits.
Why price an independable variable and demand is dependent variable?
Because demand creates the price, and not the price dictates the demand.
