This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Does the fact that the price elasticity for food is inelastic violate the law of demand? What ... (Read 68 times)

Jkov05

  • Hero Member
  • *****
  • Posts: 556
on: Jun 29, 2018
Does the fact that the price elasticity for food is inelastic violate the law of demand?
 
  What will be an ideal response?

Question 2

In the figure above, what is Gap's markup?
 
  A) 50
  B) 15
  C) 35
  D) zero


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

emilymalinowski12

  • Sr. Member
  • ****
  • Posts: 338
Reply #1 on: Jun 29, 2018
Answer to Question 1

No, if the demand for a good is inelastic, when the price falls, the quantity demanded increases, but by a smaller percentage than the percentage fall in price. Thus the negative relationship between the price and the quantity demanded remains, and the demand curve still slopes downward, which is the law of demand.

Answer to Question 2

A


Jkov05

  • Member
  • Posts: 556
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

elyse44

  • Member
  • Posts: 319
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Did you know?

Anti-aging claims should not ever be believed. There is no supplement, medication, or any other substance that has been proven to slow or stop the aging process.

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

Many ideologies stem from older theories. The ideas of the philosophers are simplified. Ideologies Many ideologies stem from older theories. The ideas of the philosophers are simplified. Ideologies
Selected Vitamins: Food Sources, Functions, and Deficiency and Toxicity Symptoms Selected Vitamins: Food Sources, Functions, and Deficiency and Toxicity Symptoms
The demand for oil can be reduced significantly with the introduction of new higher vehicle mileage The demand for oil can be reduced significantly with the introduction of new higher vehicle mileage
Nutrient-Dense Food Choices Nutrient-dense foods provide more nutrition per calorie and fewer solid Nutrient-Dense Food Choices Nutrient-dense foods provide more nutrition per calorie and fewer solid
Food Web in Desert Biome Food Web in Desert Biome
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ... The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
Video: Amniocentesis and CVS Animation

For a complete list of videos, visit our video library