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Author Question: Which of the following is an example of a how much decision? A) The Zhous have demolished their ... (Read 15 times)

robinn137

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on: Jun 29, 2018
Which of the following is an example of a how much decision?
 
  A) The Zhous have demolished their old home and are debating whether to build a ranch-style house or a Craftsman home.
  B) The Pleasantville movie theatre is open only in the evenings. The theatre's manager is debating whether to add daily matinee shows.
  C) You're planning to hold a graduation party and must decide between having your party catered or having a pot-luck.
  D) Chelsea has withdrawn from the swim team to take a full-time job.

Question 2

Name three determinants of elasticity identified in the text. Explain how each one affects the responsiveness of demand.
 
  What will be an ideal response?


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yeungji

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

(1) Availability of substitutes. Where fewer substitutes are available, demand will tend to be more inelastic. (2) The importance of being unimportant. Where an item represents a smaller portion of a total budget, demand will tend to be more inelastic. (3) The time dimension. The greater the time available to adjust behavior, the more elastic demand tends to be.


robinn137

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Reply 2 on: Jun 29, 2018
Excellent

nothere

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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