A good with many close substitutes is likely to have relatively demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises. A good's price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the least elastic demand? Yacht A heart valve for heart attack victims

Q: ECONOMICS Suppose that as the price of X falls from $5 to $2 and the quantity of X demand increases…

A: elasticity of demand refers that the change in demand due to the change in price so we can calculate…

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A: Cross price elasticity of demand is a measure which is used to measure the responsive change in the…

Q: Consider some determinants of the price elasticity of demand: • The availability of close…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

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

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A: Normal goods are goods with positive income elasticity of demand. This means that a rise in income…

Q: A good with many close substitutes is likely to have relatively demand, because consumers can easily…

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

Q: Are these answers correct? The question is attached as a photo x) This statement is true. If the…

A: Cross elasticity of demand refers to the degree of responsiveness of demand for one good due to a…

Q: Why is the cross-price elasticity of demand positive for substitutes? [

A: By the concept of the cross-price elasticity, the responsiveness in the quantity demanded of one…

Q: A good that has a lot of substitutes, that is a necessity and is relatively inexpensive will most…

A: A necessary good is a good for which a change in price will not significantly affect its quantity…

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A: Cross price elasticity of demand measure the change in quantity demanded of product or service in…

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.

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

Q: If the cross-price elasticity of demand of two goods is negative, what are those two goods called?

A: Cross price elasticity of demand means the magnitude of change in the quantity demanded for a given…

Q: Assume a straight line demand curve, what would happen to elasticity of demand if a consumer moves…

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Q: Suppose a good has a demand curve given by Q = 20 - 8 × P. What is the price elasticity of demand if…

A:

Q: An individual spends all his income on two goods X and Y. If with the rise in price of good X, the…

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Q: Which of the following goods will have the most elastic demand? Group of answer choices chewing gum…

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Q: A good’s price elasticity of demand depends in part on how necessary it is relative to other goods.…

A: Price elasticity of demand measures the change in quantity demanded due to change in price.…

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Q: A good with many close substitutes is likely to have relatively demand, since consumers can easily…

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Q: The income elasticity of demand of good B, is as follows: Good B: 0.2 If income rises by 5 %. By…

A: Income elasticity of demand = %age change in demand  / %age change in income 0.2 = %age change in…

Q: Which of the following statements are true? (i) The absolute value of the price elasticity of demand…

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Q: Suppose that a 10 percent increase in the price of normal good Y causes a 5 percent decrease in the…

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A: Income elasticity of demand measures the responsiveness of change in demand due to change in income…

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A: Income elasticity of demand: It is the measurement of the change in the quantity demanded of a…

Q: Suppose a good has a demand curve given by Q = 20 - 8 × P. What is the price elasticity of demand if…

A: Demand curve,  Q = 20 - 8P  Diff. with respect to Q  dQ/dP = -8  Price elasticity of demand = dQ/dP…

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A: Income elasticity measures the percentage change in quantity demand due to percentage change in…

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A: Cross price elasticity of demand states the measure of relationship between the two goods. If the…

Q: Which of the following conditions would result in a higher price elasticity of demand? a longer…

A: Elasticity of demand refers to the measure of responsiveness of quantity demanded with respect to…

Q: f the cross-price elasticity of demand of two goods is 2.5, what would the two goods be?   Question…

A: cross price elasticity of demand  is the ratio of percentage change in quantity demanded of good one…

Q: Suppose that a 12 percent increase in the price of normal good Y causes a 17 percent increase in the…

A: The cross-price elasticity measures the change in the quantity of one related good due to the change…