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Difference between tangible goods versus marketing services?
Marketing services are services that are offered to market products. Tangible goods are actual, physical goods that are sold by businesses.
What is the difference between finance and money?
Money is the equivalent as a mean used for exchanging goods, services and carrying out payments .
Difference between organisation and industry?
An organization is like an individual business and a industry is an larger organization that produce and manufacture goods
What is the difference between capital goods and fixed asset?
wawa man kau naghahanap ng sagot sa kaialiman ng
What is the difference between recession, depression, and inflation?
Recession is a period of economic decline, depression is a severe and prolonged recession, and inflation is the increase in prices of goods and services over time.
How would you rank the following items from the least elastic (most inelastic) to the most elastic?
The ranking of elasticity from least elastic (most inelastic) to most elastic is as follows: necessity goods, luxury goods, and normal goods.
What is the difference between elastic and inelastic?
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
Are elastic or inelastic goods are still in demand even if even if prices rise?
Inelastic goods, such as gas or energy based products will always be in demand. This is owing to the fact that everyone utilizes the generally inexpensive goods. Elastic goods, on the other hand, are considered a luxury item/s, such as a Corvette or designer clothing.
What is the difference between perishable and durable goods?
perishable products are inelastic products as they have less substitutes as compared to durable products which have more substiutes
How Luxury goods are price elastic?
Luxury products are elastic, in comparison to necessity products which are inelastic. Luxury goods are elastic because for a change in price there is a more than proportionate change in quantity. e.g. If the price of a luxury good increases, less people will purchase the good because it is not necessary in their lives - they can do without it.
What is an example of a product that is not elastic?
A product that is "not elastic" is considered "inelelastic." More precisely, we say that DEMAND for the product is elastic or inelastic (a good example of an"elastic product" is a rubber band, but that is to say nothing of its demand.Inelastic goods tend to fall into a few categories. They may be goods which have few close substitutes. This means that broadly defined goods tend to have less elastic demand than narrowly defined goods. For example, "vegetables" have less elastic demand than "broccoli," because if the price of broccoli goes up, we can easily switch to cauliflower or asparagus. Likewise, "vegetables" have more elastic demand than "food." When vegetables are more costly, we can stock up on grains or fruits (but probably won't switch to more meats, since they tend to be more expensive already). If the price of food goes up, we will simply pay it if we can. Thus, "food" is a relatively inelastic good.Another category of goods with inelastic demand is goods whose cost represents a small portion of our budgets. Salt is a great example. If the cost of salt doubles from $1 to $2, we are unlikely to cut our consumption in half. We may not even notice.
What makes a price elastic?
If a change or increase in price will affect demand. Elastic goods are usually those that the consumer does not NEED to purchase, such as luxury goods. When the producer increases price, demand will usually increase. Inelastic goods are those that the consumer needs to buy no matter what the price is, such as milk or salt. A sale or price increase won't affect the demand at all.
What factors tend to make demand curves more price elastic?
Close substitutes, increased income, luxury goods, time. Addiction makes demand less elastic, (inelastic) ex. Cigarettes. As time increases more substitutes become available.
Why does demand for substitutes tend to move in the opposite direction from each other?
Answer this question… A. When the price of a good goes up, consumers shift their demand to its substitute. B. Substitute goods have perfect unit elasticity for each other. C. Substitute goods tend to have inelastic demand. D. One of the substitutes is usually elastic, while the other is inelastic.
Are books elastic or inelastic?
Books are considered to be inelastic goods because changes in price do not significantly affect the quantity demanded by consumers. People tend to view books as necessities or valuable investments, leading to relatively stable demand regardless of price fluctuations.
Difference between elastic anelastic and plastic deformation?
In case of elastic deformation when the applyed stress disappears, the material returns in its initial form. In case of plastic deformation a remaining shape change occurs. Until a stress value - what is property of individual material - called flow stress, the material deforms elastically, afterwards plastically. You can find information about it for example in the following page: http://www.virginia.edu/bohr/mse209/chapter6.htm ## Please somebody correct my awful english, thanx ##
What is the ranking of the following products in order of elasticity of demand, from the least elastic to the most elastic?
The ranking of the products in order of elasticity of demand, from the least elastic to the most elastic, is as follows: necessity goods, luxury goods, and then substitute goods.
