0
What else can I help you with?
Is the demand for insulin elastic or inelastic?
The demand for insulin is considered inelastic, meaning that changes in price do not significantly affect the quantity demanded.
Is the demand for electricity elastic or inelastic?
The demand for electricity is generally considered to be inelastic, meaning that changes in price do not significantly affect the quantity demanded.
What is an example of a good for which the demand is likely to become more elastic over time if the price changes dramatically?
gasoline
What are the key differences between inelastic demand and elastic demand in economics?
In economics, inelastic demand means that changes in price have little impact on the quantity demanded, while elastic demand means that changes in price have a significant impact on the quantity demanded.
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.
Is the demand for insulin elastic or inelastic?
The demand for insulin is considered inelastic, meaning that changes in price do not significantly affect the quantity demanded.
Is the demand for electricity elastic or inelastic?
The demand for electricity is generally considered to be inelastic, meaning that changes in price do not significantly affect the quantity demanded.
What is an example of a good for which the demand is likely to become more elastic over time if the price changes dramatically?
gasoline
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 are the key differences between inelastic demand and elastic demand in economics?
In economics, inelastic demand means that changes in price have little impact on the quantity demanded, while elastic demand means that changes in price have a significant impact on the quantity demanded.
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 the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
When the quantity sold of a good changes significantly in response to changes in price its demand?
highly elastic
Demand is said to be elastic if?
buyers do not respond much to changes in the price of the good.
What are examples of products that have elastic demand, and why do their prices fluctuate significantly in response to changes in consumer demand?
Examples of products with elastic demand include luxury goods, such as designer clothing and high-end electronics. These products have elastic demand because consumers can easily substitute them with cheaper alternatives if their prices increase. As a result, their prices fluctuate significantly in response to changes in consumer demand because even small shifts in demand can lead to large changes in price to maintain sales levels.
How useful are the concept of elasticity in running a business successfully?
By the concept of Elasticity in the context of running a business.. the best view is taken in the elasticity of demand. Goods and Services are either highly elastic or low elastic. A good with highly elastic demand will have higher changes to quantities demanded for relatively small changes in price. Whereas something with a lower elastic demand, will not have major changes in demand for a small change in price. So for example, the price of a diamond is highly elastic, a small change in say a fall of diamond prices will have a huge impact, whereas something like salt, an increase or decrease in price will not affect the amount demanded. Thats how useful the concept of elasticity is in running a business successfully.
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.
