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Is the price and demand for junk food elastic or inelastic?
elastic
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
Distinguish between elastic and inelastic demand?
An example of perfectly inelastic demand would be a life-saving drug that people will pay any price to obtain. Elastic demand is the opposite of this.
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
Is the price and demand for junk food elastic or inelastic?
elastic
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
What are the types of price elasticity of demand?
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
Distinguish between elastic and inelastic demand?
An example of perfectly inelastic demand would be a life-saving drug that people will pay any price to obtain. Elastic demand is the opposite of this.
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
Is coal elastic or inelastic?
There are 2 different types price elasticity of demand and price elasticity of supply. If you meant to ask is demand for coal price elastic on inelastic, answer is yes, it is price inelastic. The demand for coal, is unlikely to drop much even if the price of it increases, it can be said that it is a 'necessity'. Since the quantity demanded decreases less than proportionate than the increase in price, it is said to be price inelastic.
Is price elasticity of demand considered elastic or inelastic with food?
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
In order for a price decrease to increase revenue which of the following must be true A. Demand must be elastic B. Demand must be inelastic. C. Demand must be unit elastic D. Supply must be inelastic?
A)
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.
Products whose demand remains unchanged regardless of their price?
Such products have an inelastic demand.
Will a monopolist charge a lower price where demand is price elastic and a higher price where demand is price inelastic?
Yes. A monopolist would tend to charge a price closer to fair market value when the demand for a good is elastic. If not demand would be affected. With a monopoly controlled inelastic good the consumer has no recourse and there for would be and the mercy of the supplier.
