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 70 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
YES! Correct, THANKS for helping me on my review

helenmarkerine

  • Member
  • Posts: 324
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

About 3% of all pregnant women will give birth to twins, which is an increase in rate of nearly 60% since the early 1980s.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

Food Digestion Steps Food Digestion Steps
Learning through Art: Food Webs Learning through Art: Food Webs
The smell, sight, and taste of food, such as freshly baked bread, triggers the release of saliva The smell, sight, and taste of food, such as freshly baked bread, triggers the release of saliva
Food Digestion Times Food Digestion Times
Your company advertises all prices on the menu board as a final price, including HST of 13%. A ... Your company advertises all prices on the menu board as a final price, including HST of 13%. A ...
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: Plant Defense Mechanisms from Pathogens

For a complete list of videos, visit our video library