Elastic Demand: A situation where the consumers are more price-sensitive and will decrease their purchases by a higher percentage than the price change. Answer and Explanation:1 With the change in the price of commodity, the consumer can benefit when the change is positive that it ...
Elasticity of demand refers to the ratio of percentage change in the quantity demanded to the percentage change in the price for a product. The elasticity of demand is always negative and it is downward sloping. Answer and Explanation:
The determination of the price depends on demand for and supply of the commodity. But however, the demand is governed by the demand elasticity and the supply too is governed by the elasticity of supply. Therefore, the price of a commodity depends on both the demand and supply elasticity. The...
Price Elasticity of Demand: Price elasticity of demand (PED) is a measure of how responsive demand is to a change in the price of the good. It is calculated as the percentage change in the quantity demanded divided by the percentage change in the price. Answer and Explanation:...
The linear regression model is based mainly on functional utility, and shows that the price elasticity of demand for Fair Trade coffee is inelastic (-0.50), while the same figures for conventional and Utz certified coffee are elastic. However, the explanation power of the Fair Trade regression ...
Related to elasticity:Elasticity of supply,Elasticity of Demand and Supply,Elasticity of demand e·las·tic·i·ty (ĭ-lă-stĭs′ĭ-tē, ē′lă-) n. 1.The condition or property of being elastic; flexibility. 2.Physics a.The property of returning to an initial form or state fol...
Zero income elasticity of demand(ey =0) 3. Income elasticity of demand less then unity (ey 1) 4. Income elasticity of demand equal to unity (ey =1) 5. Income elasticity of demand greater then unity (ey ) Explanation Income Elasticity of Demand Greater than One: When the percentage ...
coefficient of elasticity- (physics) the ratio of the applied stress to the change in shape of an elastic body elastic modulus,modulus of elasticity natural philosophy,physics- the science of matter and energy and their interactions; "his favorite subject was physics" ...
Activating computer resources either automatically or with limited effort to meet changing workloads. The term generally refers to a cloud computing infrastructure that adjusts (scales) to the demand by adding or removing instances of virtual machines. Seescale,cloud computingandvirtual machine. ...
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