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Is the demand for a particular brand of car like a Chevrolet likely to be more or less price elastic than the demand for all cars?
The specific brand will be more elastic. The demand for cars in general is more or less related only to the population, economic distribution, and the extent to which the public is enviromentally concious. The demand for a specific brand, by contrast, is affected by all these and by the success of the company's advertizing, the quality of their manufacturing compared to other companies, random problems with their manufactoring process or shipping, and a whole bunch of other highly variable things that don't play a major role at the larger scale of the entire car industry.
What else can I help you with?
The demand for a product is likely to be more elastic when?
A product is likely to be more elastic the more dispensable or unnecessary it is to the consumer. For instance, if the price increases and the product is elastic, the consumer will not demand as much because they can do without it.
What kind of elastic demand does electricity belong?
It depends on whether electricity is necessity or luxury. In the US where electricity is a necessity, the demand is likely to be inelastic In Africa where electricity is luxury, the demand is likely to be elastic
What product is more likely to have the MOST elastic demand curve?
Household electricity
What product is likely to have the MOST elastic demand?
salt,water,matchbox and school bags
What factors determine the demand for perfectly elastic goods in the market?
The demand for perfectly elastic goods in the market is determined by factors such as the availability of close substitutes, consumer preferences, and the price of the good. When there are many substitutes available, consumers are more likely to switch to a different product if the price changes, leading to a perfectly elastic demand curve.
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
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 prices change dramatically?
gasoline
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
What is less elastic?
Less elastic goods or services have fewer substitutes available, making consumers less likely to switch to another option when the price changes. These goods are typically necessities or items that are unique in some way. Additionally, less elastic demand means that price changes have a smaller impact on the quantity demanded.
Which firm is more likely to have an elastic supply?
A firm making underwear will need a supply of elastic.
