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 111 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
Thanks for the timely response, appreciate it

adammoses97

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Transverse Breaks the shaft of a bone across its longitudinal axis; the break is in the fibula, the Transverse Breaks the shaft of a bone across its longitudinal axis; the break is in the fibula, the
For this bimolecular reaction, the rate constant k is second order For this bimolecular reaction, the rate constant k is second order
Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ... Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ...
Closed and Open Food Product Dating Closed and Open Food Product Dating
Overallocation of Labor to Farming When Farmworkers Are Paid Their Average Product Overallocation of Labor to Farming When Farmworkers Are Paid Their Average Product
Living things vs non living things Living things vs non living things
Video: Krebs cycle : Formation of acetyl coenzyme A and Electron transport chain

For a complete list of videos, visit our video library