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Is the NHS as a service price elastic or inelastic?
elastic
Is the price and demand for junk food elastic or inelastic?
elastic
What is the difference between price elastic and unit elastic?
Unit elastic - Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 is unit elastic.
When a product is known to have an 'elastic demand' it means?
When a product has elastic demand it means that a change in price will have a subsequent change in price. An example of an elastic good is a fuji apple. If the prices of fuji apples increase, then consumers will buy a substitute, like a pear instead. Say we are given a good, like food (in general), this product would be inelastic. Even a large increase in price would could little change in demand because people need this good.
Will the supply of a good be more elastic if the price of the good increases?
Yes, the supply of a good will be more elastic if the price of the good increases.
Is apple juice elastic why?
Apple juice can be considered elastic in terms of demand because its consumption is sensitive to changes in price. If the price of apple juice increases, consumers may choose to buy less of it or switch to alternatives like other fruit juices or beverages. Conversely, if the price decreases, demand may increase as people are more willing to purchase it. This price sensitivity indicates that apple juice is elastic.
Is the NHS as a service price elastic or inelastic?
elastic
Is eating out in a restaurant elastic?
yes,its price elastic
Is the price and demand for junk food elastic or inelastic?
elastic
What is the difference between price elastic and unit elastic?
Unit elastic - Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 is unit elastic.
When a product is known to have an 'elastic demand' it means?
When a product has elastic demand it means that a change in price will have a subsequent change in price. An example of an elastic good is a fuji apple. If the prices of fuji apples increase, then consumers will buy a substitute, like a pear instead. Say we are given a good, like food (in general), this product would be inelastic. Even a large increase in price would could little change in demand because people need this good.
Will the supply of a good be more elastic if the price of the good increases?
Yes, the supply of a good will be more elastic if the price of the good increases.
What happens when the value is greater than one in elasticity?
it means that price is elastic. Price elastic means that a little change in the price will cause a substantial change in the quantity demanded.
Is the concept of unit elastic versus elastic demand better understood through a comparison of their respective price sensitivity levels?
Yes, the concept of unit elastic versus elastic demand is better understood through comparing their price sensitivity levels. Unit elastic demand occurs when the percentage change in quantity demanded is equal to the percentage change in price, while elastic demand occurs when the percentage change in quantity demanded is greater than the percentage change in price.
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
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 an unitary elastic supply?
A unitary-elastic supply indicates a good with a supply-price elasticity of one, which means that a 1% change in price increases supply by 1%.
