Elastic demand equates to flexibility in purchasing decisions — whether in quantities purchased, the chosen brand or product substitution. Inelastic demand is unwavering, up to a point. For this reason, reducing elasticity is often considered to be a marketer’s primary goal: to position a produc...
If supply is perfectly elastic, it means that any change in price will result in an infinite amount of change in quantity. ... Perfect elastic demand means
Perfectly Elastic Demand: Perfectly elastic demand is seen in markets with perfect competition. However, since such a market cannot exist in the real world, it is very difficult to find a product that has perfectly elastic demand. Answer and Explanation:1 ...
Elastic demand means that the amount or quantity of a certain product changes in large measure when the price of the product changes, particularly when the percentage of change in the quantity of the product being demanded is greater than the change in price. Inelastic demand means that the amo...
Demand is unit elastic with Ed=-1 if demand evolves like prices. As far as turnover is concerned, the drop in the quantity sold is exactly compensated by the rise in prices. Demand is inelastic (or rigid) if the increase of price has a small impact on quantities (-1 < Ed ≤ 0)....
b - the consumer's demand for cds increased c - the consumer's demand for cds is perfectly price elastic d - the consumer's demand for cds is perfectly price inelastic e - the consumer's demand for cds is unit price elastic The answer in the key is "E", I say it is "D", why...
Virtual Private Cloud (VPC) provides virtual private networks for each tenant on the cloud. Elastic Volume Service (EVS) provides reliable and high-performance storage. Elastic Cloud Server (ECS) provides VMs that are easily scalable. It works with VPCs, security groups, and the EVS multi-replic...
Scalable File Service (SFS) provides Elastic Cloud Servers (ECSs) and Bare Metal Servers (BMSs) in high-performance computing (HPC) scenarios with a high-performance shared file system that can be scaled on demand. It is compatible with standard file protocols (NFS, CIFS, and DPC) and is ...
the demand for goods or services with many substitutes is highly price elastic. An increase in the price levels of goods causes consumers to buy substitutes. The demand for soda or wash detergent is highly price-elastic because of the number of substitutes. If the price rises, ...
Inelastic demand and elastic demand represent the degree of changes in demand due to economic factors such as price changes, income levels, and substitution.