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Demand becomes more elastic over time because consumers have more opportunities to adjust their behavior in response to price changes. As time passes, they can find substitutes, change their consumption habits, or seek alternatives that better fit their budgets. Additionally, increased consumer awareness and information availability can lead to more price-sensitive decisions. Finally, businesses may also respond to changes in demand by adjusting their prices and offerings, further influencing elasticity.
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Which demand can become more elastic over time what changes can take place in the long term to affect demand?
Gasoline
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 will happen to total revenue if unitary elastic over a portion demand curve change upward by one percent?
What_will_happen_to_total_revenue_if_unitary_elastic_over_a_portion_demand_curve_change_upward_by_one_precent
Economics what is the arc elastic?
measure of the average responsiveness of quantity to price over an interval of the demand curve. = change in quantity/ Quantity ___________________________ change in price/ Price
Does apple production has elastic supply?
Apple production generally has inelastic supply in the short term due to the time required for trees to grow and produce fruit. Factors like weather conditions and seasonal cycles also affect immediate supply responses. However, in the long term, supply can become more elastic as growers adjust planting decisions based on market prices and invest in new technologies. Overall, while short-term supply is relatively inelastic, it may become more elastic over time.
Which demand can become more elastic over time what changes can take place in the long term to affect demand?
Gasoline
Is an example of a good for which the demand is likely to become more elastic over the time if the price change dramatically?
gasoline
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 is an example of a good for which the demand is likely to become more elastic over time if prices change dramatically?
gasoline
When is a market penetration pricing policy appropriate a.if a product is new and different b.if demand is highly elastic c.if demand is inelastic d.if there is no possibility of economies of scale?
b. when demand is highly elastic. (The penetration strategy is used when an elite market does not exist and demand seems to be elastic over the entire demand curve.)
What will happen to total revenue if unitary elastic over a portion demand curve change upward by one percent?
What_will_happen_to_total_revenue_if_unitary_elastic_over_a_portion_demand_curve_change_upward_by_one_precent
Economics what is the arc elastic?
measure of the average responsiveness of quantity to price over an interval of the demand curve. = change in quantity/ Quantity ___________________________ change in price/ Price
Does a monopoly produce at the inelastic or elastic part of the demand curve?
A monopoly produces at the elastic portion of the demand curve. If producing at the inelastic portion of the deman curve, the monopoly could lower the quantity produced and raise the price to achieve more total revenue.
Does apple production has elastic supply?
Apple production generally has inelastic supply in the short term due to the time required for trees to grow and produce fruit. Factors like weather conditions and seasonal cycles also affect immediate supply responses. However, in the long term, supply can become more elastic as growers adjust planting decisions based on market prices and invest in new technologies. Overall, while short-term supply is relatively inelastic, it may become more elastic over time.
Explain Price Elasticity of Demand?
Well, the definition of elasticity (in the context of economics) is a fluctuation in consumer demand relative to changes in price. A product is considered elastic if a small price change has a large impact on demand (ratio of +1), and vice versa; it is considered inelastic if change in price has little impact on demand (ratio of -1). It is usually compared to a rubber band. Now, elasticity of demand is based on several factors on whether or not it is elastic: Availability of substitutes: electricity or no electricity, this or that pizza joint Relative Importance: simply, opportunity cost. Necessity vs. Luxury: Necessity is inelastic whereas luxury is elastic. Change over Time: market doesn't always change quickly. Marketing techniques: techniques to sell product, such as endorsements, humor, beauty appeal, etc. If anyone can help to make this more clear, please do so.
After speciation occurs what happens to the species' gene pools?
They become more and more different over time.
Is the firms demand curve always elastic if the firm possesses monopoly power?
No, a firm's demand curve is not always elastic even if it possesses monopoly power. Monopolies can face inelastic demand for their products, particularly if there are few or no substitutes available, allowing them to set higher prices without losing many customers. The degree of elasticity depends on factors such as consumer preferences, availability of alternatives, and the nature of the product. Therefore, while monopolies may have some control over pricing, the elasticity of their demand curve varies based on market conditions.
