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Why did some ancient Greek settlements trade?
To exchange their surplus commodities for other commodities they needed. To make a financial profit from trading commodities and services.
How did the massachusetts state constitution 1780 differ from most of the other state constitutions?
How did the massachusetts state constitution 1780 differ from most of the other state constituions?
How do energy resources in India differ from other countries?
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How did soviet plans for eastern europe differ from those of the other allies?
i have no clue
How did Booker t Washington differ from other African American?
Tuskegee institute.
What is the cross elasticity of demand if two commodities are substitute and if two commodites are complement of each other?
cross effect is positive in substitution effect and negative in complementry goods
What are different types of elasticity?
The elasticity of demand refers to how sensitive the demand for a good is to changes in other economic variables. The different types are: price elasticity, income elasticity, cross elasticity and advertisement elasticity.
Distinguish between price elasticity and income elasticity?
The price elasticity refers to the change in demand due to the change in price. The income elasticity of demand on the other hand refers to the change in demand due to the change in income.
How might you determine whether the pre-recorded music disk and mp3 players are in competition with each other?
We can use Cross- Elasticity of Demand to determine if the pre-recorded music compact discs and MP3 music players are in competition with each other.Cross- Elasticity of Demand between X and Y= % Change of Demand of goods X / % Change Price of good Y.In this case, X and Y can be said to represent Compact discs and MP3 player. If the cross elasticity of demand is positive, the two commodities being studied are considered to be substitutes for each other. In the case of MP3 player and Compact disc player, they are close substitutes for each other.When cross elasticity of demand is negative, the goods are said to be complementary
What other elasticities of demand are there besides price income and cross-price?
Adverisement Elasticity of Demand
What factors affect elastic of demand?
There are plenty of factors affecting elasticity of demand including climate of the area. Other factors that effect elasticity of demand include supply and group of people buying.
Why does meat very in price?
Supply and demand, like most other commodities.
Definitions of income elasticity of demand?
income elasticity can be applied in the intersection of market demand and supply. when there is income inequality people with less income get to buy less goods than they would have wanted this affects the suppliers who will have to reduce their goods to be supplied.
How does the concept of cross-price elasticity differentiate between complements and substitutes in the market?
Cross-price elasticity measures how the price of one product affects the demand for another. For complements, a decrease in the price of one product leads to an increase in demand for the other. This results in a negative cross-price elasticity. For substitutes, a decrease in the price of one product leads to a decrease in demand for the other, resulting in a positive cross-price elasticity.
How is demand elasticity measured?
Whenever the price drops, the quantity being demanded will rise and the quantity supplied will fall. The directions of these changes are all that matter. The price elasticity of demand is often measured as the percentage change in quantity demanded divided by the percentage change in price. On the other hand, the price elasticity of supply is measured as the percentage change in quantity supplied which will be divided by the percentage change in price. Just like the fuel and other prime commodities, we are sensitive whenever there is a change in price. If we are sensitive to prices, even a small amount of change in the prices will cause a large change in our willingness to buy.
What are two methods for calculating elasticity of demand?
Two common methods for calculating elasticity of demand are the percentage change method and the point elasticity method. The percentage change method involves dividing the percentage change in quantity demanded by the percentage change in price. The point elasticity method, on the other hand, uses calculus to calculate elasticity at a specific point on the demand curve, typically by taking the derivative of the demand function and multiplying it by the price-quantity ratio. Both methods provide insight into how sensitive consumers are to price changes.
What are types of elasticity coefficients?
Elasticity coefficients are measures that indicate how the quantity demanded or supplied of a good responds to changes in other factors, typically price or income. The main types include price elasticity of demand, which measures the responsiveness of quantity demanded to price changes; price elasticity of supply, which assesses how quantity supplied responds to price changes; income elasticity of demand, indicating how demand changes with consumer income; and cross-price elasticity of demand, which measures the change in demand for one good in response to the price change of another good. Each coefficient helps businesses and policymakers understand consumer behavior and market dynamics.
