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What is the difference elastic and inelastic demand?
Difference is that inelastic demand people need to have that item no matter what the cost. An example would be insulin for diabetic people. Elastic demand is when someone doesn't need to buy a product if the price changes. Example is ramen noodles. If they cost $100 per packet people wouldn't buy them.
What is demand side?
When the price changes, we call the resulting change in buying plan a Change in the quantity of demand. On the other hand, Change in demand is a change in the quantity that people plan to buy when any influence on buying plans other than the price of good changes.
Why did the US government encourage people to grow victory gardens?
To reduce the demand on the food rationing system for fruits and vegetables which could be grown at home.
In what ways does democracy encourage people to participate in bringing changes?
Participation skill ranges from complete in activity to a full activity
How did people learn about Judaism and how did it spread?
Since Judaism does not encourage its adherents to proselytize, people learned about it by seeing Jews in their places of exile, or picking up and reading Jewish books.
How do changes in supply and demand impact the equilibrium price of a product?
Changes in supply and demand impact the equilibrium price of a product by influencing the balance between how much of the product is available (supply) and how much people want to buy (demand). When supply increases or demand decreases, the equilibrium price tends to decrease. Conversely, when supply decreases or demand increases, the equilibrium price tends to increase.
Why does the UK Government want its people to get reading?
The United Kingdom government wants to increase the literacy levels in the country. Various reading programs are promoted in the country to encourage citizens of all ages to read books.
How or Why the rate between the Dollar and Euro changes?
Currencies vary in value depending on how in demand they are. The demand will depends on a number of factors including stability of the economy. If many people wish to buy Euro, then the price of the Euro rises, it and costs more to buy a euro. Likewise if people are buying Euro instead of US Dollars then the value drops to encourage more people to buy US Dollar. If the value of a US dollar is low, then it costs more dollars to buy a euro.
Why does trading stock create volatility?
Simple answer is that volatility is simply price change. Price changes due to supply and demand so when people trade a stock it affects supply and demand.
What is elasticity of demands?
How much demand of a product goes up or down depending on the price. Elastic demand changes greatly as price changes - for normal goods, as the price goes up, demand drops. Demand for things like non-staple food - like cookies - is elastic. If cookies cost 50 cents a box, there might be huge demand for them. But if that price goes to $10 a box, if the price were elastic, the demand would be much lower. For an inelastic demand curve, people's demand changes little as prices change. THese are goods for which there are few substitutes. Things like gasoline have relatively inelastic demand curves - people will slow down their use/demand of gasoline a bit as prices go up, but a certain level of gasoline consumption is going to exist regardless of price. People are simply going to pay what they have to to get it.
What happens to total revenue when prices fall and demand is price inelastic?
Inelastic demand means that the demand changes very little as the price rises or falls. If prices drop and people don't buy any more of the item, total revenue declines.
What did scientific rationalism encourage people to do?
Scientific rationalism encourage people to look at thing logicaly.
