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Show a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
See the related link. A perfectly inelastic demand would be a line straight up and down. That would show that demand is constant regardless of the price.
Draw a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
A perfectly inelastic demand curve will be completely horizontal and means that consumers would any price for a particular good, which is almost impossible. The closer to being horizontal a demand curve is, the more inelastic the demand.
Why is kidney replacement considered to be an inelastic demand?
A demand curve is inelastic if the demand changes very little with price. If you needed a new kidney to live, most likely it would not matter if the hospital charged $1,000 or $500,000. You would find a way to get the money in order to live. In most modern countries, insurance makes sure that the price you pay is a tiny fraction of the actual cost, which also helps to make the curve 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.
How would the demand curve of cigarettes?
Demand curve will be perfect inelastic
What factors would most likely explain why salt is very in elastic?
The inelastic demand for salt is likely due to its necessity as a basic dietary component, with few close substitutes available. Additionally, the low cost and small proportion of a consumer's budget spent on salt also contribute to its inelasticity as changes in price have minimal impact on consumer behavior.
Show a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
See the related link. A perfectly inelastic demand would be a line straight up and down. That would show that demand is constant regardless of the price.
Draw a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
A perfectly inelastic demand curve will be completely horizontal and means that consumers would any price for a particular good, which is almost impossible. The closer to being horizontal a demand curve is, the more inelastic the demand.
Which factors would explain an increase in retained earnings?
INFLATION
Why is kidney replacement considered to be an inelastic demand?
A demand curve is inelastic if the demand changes very little with price. If you needed a new kidney to live, most likely it would not matter if the hospital charged $1,000 or $500,000. You would find a way to get the money in order to live. In most modern countries, insurance makes sure that the price you pay is a tiny fraction of the actual cost, which also helps to make the curve 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.
What would most likely be the purpose of a myth?
To explain where thunder comes from.
Special cases of inelastic collision?
Special cases of inelastic collisions include perfectly inelastic collisions, where the two objects stick together after colliding, and partially inelastic collisions, where the objects deform and lose some kinetic energy after colliding. Additionally, explosions can be considered a special case of inelastic collisions, where objects separate and gain kinetic energy after the collision.
Why would a government tax on cigarettes be an ineffective method to decrease consumption of cigarettes if demand for cigarettes is inelastic?
Because cigarettes are a inelastic item, and when something is inelastic, people are going to buy it no matter if the price changes or not. Inelastic= necessity item Necessity item= people will always buy even when the price increases
How would the demand curve of cigarettes?
Demand curve will be perfect inelastic
Why the demand of natural gas is inelastic?
The demand for natural gas is often inelastic because it is a widely-used source of energy for heating homes, generating electricity, and powering industrial processes. Consumers and businesses may be unwilling or slow to switch to alternative sources of energy in the short term due to factors like infrastructure requirements, availability, and convenience. Additionally, natural gas may lack close substitutes, further contributing to its inelastic demand.
Are newspapers elastic or inelastic?
Probably the easiest way to think about the question of elasticity is "If the price of my product rises, will lots of people stop buying it?" If the answer is "Yes", then the good is elastic. If the answer is "No", then the good is inelastic.As a result, the question of whether newspapers are elastic or inelastic depends on the community. If you have a community where there are no alternative news sources, newspapers are likely going to be inelastic (because people generally want to know the news). If you have a community with access to substitute news sources, such as television journalism or internet journalism, newspapers are likely to be more elastic. Of course, if you have a community that does not care about the news at all and would not consume news, newspapers would be perfectly elastic since nobody would buy one at any cost.
