Answer to: Suppose that the demand function for a good is given by Qd = 30 - P. Suppose that the price of the good is $10. What is the elasticity...
What is the elasticity of demand?Supply and Demand:In a free market economy, the forces of supply and demand are regulated by prices which serve as information to producers and consumers about the availability and desire for a resource or service. Prices are not fixed, but change as ...
If the price of water skyrocketed, people would simply have to adjust because the demand for water will not really change; it is not as if anyone could simply say they no longer need it even if the price increased.If the price elasticity is >1 it is elastic, equal to 1 means unit ...
its elasticity of demand is considered high. Thought of another way, elasticity shows that a customer’s buying behavior is highly flexible, or stretchy — like an elastic waistband. The more willing customers are to change purchasing decisions, the more elastic a product...
Using the point method, what is the price elasticity of demand of product Xas price fals from its current price of $20 to $15?Old New Price 20 15Quantity 10 15A0.5B1.5D2 相关知识点: 试题来源: 解析 正确答案:Rationale: Percentage change in quantity = 50%. Percentage change in price ...
The cross elasticity of demand is a microeconomic concept that measures how the change in price in one product affects the change...
百度试题 题目 Refer to the figure below. For demand curve D1, what is the price elasticity of demand when P = 12? A.12 B.4 C.3 D.6 相关知识点: 试题来源: 解析 反馈 收藏
Using the point method, what is the price elasticity of demand of product X as price falls from its current price of $20 to $15? Old New Price 20 15 Quantity 10 15 A. 1B. 2C. 1.5D. 0.5 正确答案:B 分享到: 答案解析: The correct answer is: 2 Percentage change in quantity = ...
Elasticity vs. Inelasticity of Demand: An Overview Elasticity and inelasticity of demand refer to the degree to which demand responds to a change in an economic factor. Price is the most common economic factor used when determining elasticity. Other factors include income level and substitu...
百度试题 题目 Refer to the figure below. What is the price elasticity of demand when the price of rice is $6 per pound? A.0.67B.2C.3D.0.5 相关知识点: 试题来源: 解析 B 反馈 收藏