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 65 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
Excellent

debra928

  • Member
  • Posts: 342
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

The people with the highest levels of LDL are Mexican American males and non-Hispanic black females.

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Selected Minerals: Food Sources, Functions, and Deficiency and Toxicity Symptoms (continued) Selected Minerals: Food Sources, Functions, and Deficiency and Toxicity Symptoms (continued)
Basic Food Groups and Their Major Nutrients (Continued) Basic Food Groups and Their Major Nutrients (Continued)
China has relied on cheap coal to meet its demand for energy China has relied on cheap coal to meet its demand for energy
Food Sources of the Essential Fatty Acids Many oils and nuts Food Sources of the Essential Fatty Acids Many oils and nuts
Food delivery Food delivery
Food Web in Desert Biome Food Web in Desert Biome
Video: Arthroscopy

For a complete list of videos, visit our video library