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

Author Question: Other things constant, the price elasticity of demand for a product will be smaller (more inelastic) ... (Read 48 times)

moongchi

  • Hero Member
  • *****
  • Posts: 516
on: Jun 30, 2018
Other things constant, the price elasticity of demand for a product will be smaller (more inelastic) if:
 a. people spend a large share of their income on the product.
  b. people spend an insignificant share of their income on the product.
  c. the population in the market area is large.
  d. there are many good substitutes for the product.

Question 2

Which of the following factors is associated with products with a highly price elastic demand?
 a. Few close substitutes.
  b. A very short time period for consumers to respond to price changes.
  c. Many very close substitutes.
  d. A per unit price that is only a very small portion of most peoples' budgets.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ebenov

  • Sr. Member
  • ****
  • Posts: 331
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

c


moongchi

  • Member
  • Posts: 516
Reply 2 on: Jun 30, 2018
Gracias!

ktidd

  • Member
  • Posts: 319
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

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?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

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).

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Peter Fischli and David Weiss, Der Lauf der Dinge (The Way Things Go). Peter Fischli and David Weiss, Der Lauf der Dinge (The Way Things Go).
How to find the constant (C) after finding the anti-derivative How to find the constant (C) after finding the anti-derivative
The growing demand for electrical power, carbon sequestration and storage must be a priority The growing demand for electrical power, carbon sequestration and storage must be a priority
Economic recession in 2008 saw a small decrease in demand Economic recession in 2008 saw a small decrease in demand
Excel hardware is introducing a new product on a new product line of capacity 800 units per ... Excel hardware is introducing a new product on a new product line of capacity 800 units per ...
At 34.5°C, oxygen gas expands from 34.5 L to 45.7 L against a constant pressure of 750 mmHg. ... At 34.5°C, oxygen gas expands from 34.5 L to 45.7 L against a constant pressure of 750 mmHg. ...
Video: Effect of blood chemistry - stimuli, hyperventilation response and hypoventilation response

For a complete list of videos, visit our video library