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Author Question: Does the fact that the price elasticity for food is inelastic violate the law of demand? What ... (Read 44 times)

Jkov05

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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


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emilymalinowski12

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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

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

abro1885

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Reply 3 on: Yesterday
Wow, this really help

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