Create an example of a good that has perfectly inelastic demand and be sure to include how you would know if it is perfectly inelastic.

Q: If the cross-price elasticity of demand between Softballs and Baseballs  is -1.2, the price of…

A: Considering the cross price elasticity of demand, there is the existence of complementary goods case…

Q: What does it mean for a good having inelastic demand?

A: We know that the demand curve is downward sloping which shows the negative relationship between…

Q: Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the…

A: Initial price of envelops = $3 a box Final price of envelops = $3.75 a box proportionate change in…

Q: What would it mean if the elasticity of demand for a good was zero? Explain whether it can be…

A: The answer is as follows:-

Q: Define Elasticity of demand with Example

A: The elasticity of demand is defined as the sensitivity of demand for a commodity to the change in…

Q: Suppose income goes up from $50.000 to $60.000 while the demand for a good rises from 100 units to…

A: Income elasticity of demand refers to the responsiveness of demand to changes in the income level of…

Q: Answer The following question   The demand for good X has been estimated to be Qx = 10 - 0.5Px +…

A: The own price elasticity of demand is the proportion alternate in the amount demanded of a good or…

Q: Which of the following goods would be expected to have the lowest price elasticity of demand?…

A: Elasticity refers to the responsiveness of a commodity to  change in price in the market. Elasticity…

Q: If two supply curves in an economy intersect which one will have a higher price elasticity?

A: According to the given question A supply curve can be defined as a curve which causes different…

Q: What is the relationship between price elasticity and position on the demand curve? For example, as…

A: Price Elasticity is defined as a measure of a change in quantity due to a change in price.  Income…

Q: why are price elasticity demand equal percentage change in price

A: Price elasticity of demand means the extent to which the quantity demanded for a product changes due…

Q: A good has income elasticity of -0.9. Is this good normal or inferior

A: Income elasticity of demand is defined as the degree of responsiveness of quantity demanded of a…

Q: Tim makes twice as much money as his brother Andrew, but they equally like to go to baseball games.…

A:

Q: a good tends to have a small price elasticity of demand if

A: In economics, goods are the final products that are consumed by the people.

Q: For which good would consumers be the most responsive to a change in price if good A has an…

A: ANSWER   Elasticity of Demand: It refers to the degree of responsiveness of percentage change in…

Q: A product with an inelastic demand means that

A: Option B is right answer Consume are relatively insensitive to change in price of product

Q: Give an example of an Inelastic product, what makes it inelastic? What can make it become elastic?

A: Elasticity is a term used in business to describe the extent to which a change in a product's…

Q: Data collected from the economy of Pokerville reveals that an 18% decrease in income leads to the…

A: Given - Percentage change in Income = -18% Percentage change in quantity demanded of horses = -6%…

Q: A supermarket reduces the price of its own brand of baked beans as a special offer for ane week…

A: Given:  Reduction in the price of own brand of baked beans by a Supermarket as a special offer for…

Q: There was a new store that opened besides your store if the cross elasticity for both of you is…

A: The cross price elasticity measures the relationship between demand for one good and the price of…

Q: How do you think income elasticity affects a normal good versus an inferior good? Provide an…

A: Elasticity is a term used in economics to describe how the aggregate quantity demanded of an item or…

Q: After Peter’s income increased from $100 to $200, his purchases of tuna fish decreased from 5 cans…

A: Income elasticity tells us that how much quantity demanded will change with the change in income of…

Q: If a good is a luxury, its income elasticity of demand is

A: To find : What will be income elasticity of demand.

Q: Give a reason why food has an inelastic demand

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…

Q: How will the elasticity of demand be affected in the following cases? A. More substitutes become…

A: A good price elasticity of demand is a proportion of how delicate the amount requested is to its…

Q: If demand is inelastic, will an increase in price increase or decrease revenue?

A: Elasticity refers to the responsiveness of one variable to changes in another variable; given that…

Q: Explain in your own words what information the income elasticity of demand provides.   If a good is…

A: Note: You have uploaded two questions at a time. Hence, we shall answer only the first one for you.…

Q: The demand of Pepsi increases as the price of Cola increases and vice versa. Determine, what type of…

A: Pepsi and Cola are substitute goods. Substitute Goods can be used in place of each other. As the…

Q: Problem 2: Last week, the price of envelopes was Php 150 a box, and Julie was willing to buy 10…

A: Price elasticity of demand refers to the responsiveness of quantity demanded to a change in the…

Q: Your economist friend told you that because of the change in demand described in part (c), price…

A: Price elasticity of demand refers to the percentage change in quantity demanded with respect to the…

Q: Alex's income has increased from 3000Php. to 5000Php. Alex increased his consumption of CD from 4 to…

A: Income elasticity of demand is the ratio of percentage change in quantity demanded and percentage…

Q: If the demand for electricity is inelastic, and the local utility wants to increase its total…

A: The willingness of consumers to buy a good or service is represented by demand for that good or…

Q: If demand is inelastic, a change in the price

A: To find : What will be change in price if demand is inelastic

Q: Why is  a more narrowly defined goods (pizza) likely to have a greater elasticity demand than a more…

A: Price elasticity of demand states the change in the quantity being purchased of a product with…

Q: Identify three goods for which your demand is (a) elastic and (b) inelastic. What accounts for the…

A: (a) The elastic demand is the demand which has a larger percentage change in the quantity demanded…

Q: Difference between income elasticity and cross elasticity of Demand ?

A: In Microeconomics, the notion of elasticity is used to measure the variability registered in…

Q: What type of good is Jolt when it comes to income elasticity of demand? What is the cross-Price…

A: 1. The ‘amount of change’ in quantity demanded a certain good due to a shift in the real income of…

Q: Mandy has a lemonade stand. Her mother pays for all of her supplies, so she only cares about…

A: In a market, a firm uses different approaches to analyze their benefit from making economic…

Q: Assume that you work in a movie theater and you want to increase revenue at the theater after the…

A: Elasticity is a term used in economics to describe how the aggregate quantity demanded of an item or…

Q: If a complementary price of an item increases and I know the cross-price elasticity, how do I…

A: Cross-price elasticity means the % change in quantity demanded(Qd) of a product due to the % change…

Q: When determining whether two goods are complements you would look for a cross-elasticity of demand.

A: Cross-price elasticity determines the percentage change in quantity demanded of a good due to a…

Q: Use the information below and Calculate the elasticity ,Determine the type of elasticity . 1. If the…

A: Price elasticity of demand measures the responsiveness of the quantity demanded of a product toward…

Q: The cross elasticity of demand between good X and good Y is estimated to be zero. Which combination…

A: Cross elasticity of demand depicts how much there is  change in quantity demand of a good when there…

Q: What if the product is price inelastic, how will this affect your decision in setting price?

A: Elasticity of demand depicts how much consumer responds with the change in price level.