a. Discuss what are the examples of both elastic and inelastic goods or services. b. Explain how does their respective elasticity influences price changes or consumption behaviors. Explain price elasticity. How can a manager use the price elasticity of demand in m...
It adopts the name price elasticity because the prices of goods and services are considered the measure of basic economic factors. Demand can be perfectly elastic, relatively elastic, perfectly inelastic, unitary, or relatively inelastic. In most cases, perfectly elasti...
What does a flat demand curve mean in economics? What are the determinants of demand? Explain the movement along the demand curve. What determines whether the demand for a good is inelastic or elastic? Give 2-3 reasons. Give examples of each. What determines an obje...
What is the difference between elastic and inelastic demand? What is Cross Price Elasticity of Demand in economics? Define what is meant by the term price elasticity of supply. Explain about cross price elasticity. How would you determine the elasticity of demand f...
What happens if there is a fall in aggregate demand? Describe demand and change in demand. If aggregate supply is more than aggregate demand, what will be the effect on employment? What does it mean that the demand for a product is perfectly elastic?