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What product is more likely to have the MOST elastic demand curve?
Household electricity
What is the most likely result when the price of a good with elastic demand is raised by 10 percent?
quanity sold will increase by 10 percent
What is most likely to happen to the price of a product if demand and supply increase at the same rate?
prices stay stable. studddy islannd ! :)
Which factor would most likely cause the demand for a company's product to decrease?
A competitor introduces a similar product at a much lower price.
Explain what is meant by Price Elasticity of Demand?
there are broadly classified into five types 1. Perfect price elasticity of demand 2. Perfect price in-elasticity of demand 3. Relative price elasticity of demand 4. Relative price in-elasticity of demand 5. Unity price elasticity of demand
What product is more likely to have the MOST elastic demand curve?
Household electricity
What is the most likely result when the price of a good with elastic demand is raised by 10 percent?
quanity sold will increase by 10 percent
What is most likely result when the price of a good with elastic demand is raised by 10 percent?
quanity sold will increase by 10 percent
In what kind of market is the price demand the most elastic?
Perfect Competition
Which factor would most likely cause the demand for a company's product to decrease?
(Apex) A competitor introduces a similar product at a much lower price.
What is most likely to happen to the price of a product if demand and supply increase at the same rate?
prices stay stable. studddy islannd ! :)
What is most likely to happens to the price of a product if demand and supply increases at the same rate?
prices stay stable. studddy islannd ! :)
What is most likely to happen to the prices of a product if demand and supply increase at the same rate?
prices stay stable. studddy islannd ! :)
Which factor would most likely cause the demand for a company's product to decrease?
A competitor introduces a similar product at a much lower price.
The difference between a elastic and inelastic demand?
Elastic demand changes according to some other factor. The demand for holdiay trees is elastic throughout the year because there is only damand during the winter season. Inelastic demand is constant. As you might have guessed, the demand for gasoline is inelastic because most families need a constant supply. Even during the so-called summer driving season, the uptick in demand is going to remain the same, unless prices cause what is called "demand destruction." This is what happened during 2009.
Explain what is meant by Price Elasticity of Demand?
there are broadly classified into five types 1. Perfect price elasticity of demand 2. Perfect price in-elasticity of demand 3. Relative price elasticity of demand 4. Relative price in-elasticity of demand 5. Unity price elasticity of demand
What is the definition of Elastic products?
By "elastic products" I am assuming you mean that the demand for these products is relatively elastic. This means that if the price of the product were to decrease, there would be a relatively large increase in the quantities demanded and if the price were to increase, there would be a relatively large decrease in quantities demanded. Products that tend to be elastic are products that have a large number number of substitutes, products that tend to be luxuries (people can do without them), and products that take up a relatively large portion of houshold income (like washing machines, refidgerators, etc.). The demand curves for these products tend to be relatively flat. That is a general definition of products that are "relatively elastic". Things that are "relatively inelastic" are ones that can change their prices, but people will still tend to buy the same amount of the product. These tend to be things that are not luxuries, but needs or addictions (like essential medicines or addictive substances) or things that don't take up much of a person's income (like pencils or salt). The demand curve for these products tend to be relatively steep. These are general ideas. To confuse things, however, most products have a price range where the demand is elastic and a price range where the demand is inelastic. The mathematical formula has you find the percentage change in price compared to the percentage change in quantity demanded. If the % change in price is greater than the % change in quantity demanded, then the demand for the product is inelastic in that price range. If the % change in price is less than the % change in quantity demanded, then the demand for the product is elastic in that price range.
