Draw a graph to show a condition of Unitarily Elastic in Demand. Explain what actually happens to create such curves and give ONE example of product under this category

Q: If a firm raised its price and discovered that its total revenue fell, then the demand for its…

A: The changes in total revenue due to changes in the price of the product depending on its price…

Q: Give the meaning and explain briefly in your own words: 1. Elastic Demand  2. Inelastic Demand

A: Answer to the question is as under:

Q: elasticity of supply is 0.72 and the change in price is 30%  Find the change in quantity supplied

A: A good's 'Cost elasticity of drmand is a proportion of how delicate the amount requested is to its…

Q: Demand Elasticity Continuum Inelastic Unit Elastic Elastic Less elastic More elastic Demand is…

A: Note: There are multiple sub parts of the question. We shall solve the first three sub parts for…

Q: Learning Journal prompt:  I.  Refer to the Unit 3 Learning Journal Elasticity Tables document to…

A: Since you have posted a question with multiple parts, I have solved the first three parts for you.…

Q: The price elasticity of supply is 1.2​, and price increases by 4 percent. As a​ result, the quantity…

A: The ratio between change in quantity of a good supplied and a change in determinants of supply is…

Q: Calculate the price elasticity of demand using the mid-point method: 1. When there is a movement…

A: ‘Price elasticity of demand(ep)’ refers to the percentage(%) change in quantity(Q) demanded in…

Q: In the last six months, the price of fuel for cars has increased very substantially in many…

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

Q: If the demand for a product increases, then O in the short run the price elasticity of supply will…

A: Answer: option e (All of these are correct) Explanation: In the short run, the price elasticity of…

Q: Find out if these products fall “most” under elastic or inelastic demand/supply. -Elasticity Demand…

A: Elasticity is a measure of a variable's sensitivity to changes in another variable; it is most…

Q: Unit elastic supply, of course is a _____ ____ _____ increase in supply.

A: Price elasticity of supply measures the responsiveness of supply to changes in price, while other…

Q: An economist observes the following: A price of the good increased a little and as a result total…

A: Total revenue is given by price × quantity demanded When demand is unit-elastic, the change in…

Q: What does the price elasticity of demand coefficient of 1.2 mean? Does the product have an elastic,…

A: Formula to calculate price elasticity:-                                            ed=Percentage…

Q: Certain skilled labor, such as hair cutting, requireslicensing or certification, which is costly and…

A: ANSPrice elastiticity of supply (PES) is the ration between the % change in quantity supplied and %…

Q: Give an example of a product with an elastic demand and one with inelastic demand. Explain each…

A: Elastic demand - small change in price causes big impact on consumers demand.  usually elastic…

Q: You work in the marketing department of a major telecommunications company. You discover that demand…

A: The degree to which demand responds to a change in another economic element, such as price, income…

Q: The price elasticity of demand is a measure of Select one: a. the shift in the demand curve when…

A: The law of demand establishes the negative relationship between the price of a good and its quantity…

Q: Demand is said to be ___________________ when the quantity demanded is proportionately responsive to…

A: The elasticity of demand refers to the changes in the quantity demanded as per the changes in the…

Q: Suppose the price elasticity of demand for heating oil is 0.1 in the short run and 0.9 in the long…

A:

Q: Calculate the price elasticity of supply for each of the following combinations of price and…

A: Price elasticity of supply(PES)  measures the change to the supply of services and goods caused by a…

Q: Figure: The Demand for Shirts) Use Figure: The Demand for Shirts. The price elasticity of demand for…

A: At Point A Price = 60 and Quantity = 0 At Point B Price = 50 and Quantity = 100

Q: For which goods or services will the demand be relatively more or relatively less elastic?  Explain…

A: Price elasticity of demand is a formula for calculating the change in quantity demanded or supplied…

Q: The elasticity of Supply is an important concept in Microeconomics as it relates to a business's…

A: The elasticity of supply is defined as the responsiveness of the quantity supplied to a change in…

Q: The main reason why antiques have a high price is because: Select one: His demand is perfectly…

A: The elasticity of demand measures the responsiveness of quantity demanded to price fluctuations.…

Q: If a product has a short-run elasticity of supply equal to zero, then an increase in the demand for…

A: The elasticity of supply measures the responsiveness of supply to change in the price level. The…

Q: In the graph, when the elasticity moves to the left means : a. Unit in demand or supply inelastic…

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

Q: If the shoe store finds a demand elasticity for its running shoes of 1.3, is this elastic, unit…

A: 1. Given  The shoe store finds a demand elasticity for its running shoes of 1.3.  The price…

Q: Calculate the value of rise in price if elasticity of supply is 1.29 and the rise in quantity…

A: The given information is as follows:- Elasticity of supply = Es = 1.29 Percentage rise in quantity…

Q: If the demand toward a specific product hardly changes with a small change in price, the demand is…

A: Demand is a monetary guideline alluding to a consumer's desire to purchase goods and services and…

Q: Do you think a tutoring business sells a relatively elastic or inelastic product/service? Mention…

A: Elasticity is a term used in economics to describe how a good or service's total quantity demanded…

Q: You have been hired as a consultant for the United Potato Growers. Your research indicates that…

A: Price elasticity of demand refers to the proportionate change in the demand for goods and services…

Q: Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a…

A:

Q: ce elasticity of demand does not reflect in measurement   a. Unit elastic b. Inferior good c.…

A: Price elasticity measures the degree of responsiveness of demand with respect to change in its…

Q: If the price elasticity is greater than 1 , demand is a. inelastic. b. elastic. c. perfectly…

A: Demand for the product is sensitive to an increase in price. And when elasticity is zero then demand…

Q: XYZ Co. makes a processor that requires a metal that can only be found in a single mine in Peru. Do…

A: The measure that depicts the percentage change in quantity being supplied with respect to change in…

Q: For which goods or services will the demand be relatively more or relatively less elastic?  Explain…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Explain elastic or inelastic demand in the automobile industry and how consumers respond to changes…

A: Answer to the question is as follows :

Q: Daffy’s is a pet care company that recently increased the average price of its services by 5%. As a…

A: Hello, thank you for the question. Since there are multiple questions asked here, only the first…

Q: Are the following statements true or false? Explain your answors. The price elasticity of demand is…

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

Q: Calculate the price elasticity of supply for each of the following combinations of price and…

A: In economics, producers play a crucial role as he is one of the market participants who offer…

Q: Which of the following statements about the price elasticity of demand is correct? The elasticity of…

A: Demand refers to the total amount of a good which an individual is able and willing to buy at the…

Q: Why  might  one  expect  the  elasticity  of  supply  of  a commodity  to be greater in the long run…

A: The supply elasticity of a commodity provides a quantifiable relationship between its supply and its…