Give an example of a product with an elastic demand and one with inelastic demand. Explain each product and why you believe it is elastic or inelastic

Q: Which of the following examples shows the most elastic demand?

A: Price elasticity of demand: Price elasticity of demand shows the effect on demand with the change in…

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: 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: 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: Calculate the income elasticities of demand for the following:

A: Income elasticity of demand is the measure of how demand changes when there is a change in income.…

Q: For each of the letters below, indicate if demand is elastic, inelastic, perfectly elastic,…

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

Q: For each of the following pairs of goods, which good would you expect to have more elastic demand…

A: Hi! Thank you for the question but as per the guidelines, we can only answer three sub-parts of a…

Q: The cross-price elasticity of demand between movie tickets and movie theater popcorn is estimated to…

A: Cross price elasticity measures how quantity demanded of one good changes when price of other good…

Q: What will be the value of price elasticity if the demand for a product is relatively elastic? a.…

A: The elasticity of demand measures the percentage by which the quantity demanded will change when the…

Q: Assume that the price elasticity of demand is - 2 for a certain firm's product. If the firm raises…

A: The elasticity of demand decides if the rise in the price would lead to rise in the total revenue or…

Q: Calculate the price elasticity of supply when the quantity of good X increases from 20000 to 80000…

A: Price elasticity of supply (es) can be defined as the percentage change in quantity supplied due to…

Q: . Use the market demand on #3 and identify the range of price that will give a/an A. elastic demand…

A: Individual demand curve equation  Qxd=65,000-11.25Px+15Py-3.75I+7.5A    ... (1)

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: Calculate the elasticity of demand when price falls by 20% and the demand rise by 21%

A: The information given in the question is:- The fall in price = 20%  The rise in demand = 21% We will…

Q: Explain the concept of elasticity of demand with respect to changes in prices and its applications.

A: Elasticity of demand  The elasticity of demand (eq, p) is defined as the economic measure of…

Q: In each of the following cases, do you think the price elasticity of supply is perfectly elastic,…

A: Elasticity of supply: It is a measurement of the percentage change in the quantity supplied of a…

Q: For each of the following pairs of goods, which good would you expect to have more elastic demand…

A: (1)   Mystery novels have more elastic demand than the required text books. This is because the…

Q: Which of the following statements is true about the price elasticity of demand along a…

A: Elasticity is defined as the responsiveness or sensitiveness on the demand if the factor influencing…

Q: What occurs to demand if there is a 10 percent increase in the price which leads to a 25 percent…

A: Price elasticity of demand measures the responsiveness of quantity demanded changes as a result of…

Q: Identify whether total revenue rises, falls, or remains constant for each of the following, and…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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: For each of the following product, explain whether demand is likely to be elastic or inelastic Salt…

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

Q: 20- Elasticity of demand studied by economists to know the a. change in supply b. nature of the…

A: Elasticity of demand shows how much % change in demand will occur due to % change in the price of…

Q: Discuss the major determinants of price elasticity of demand. With these determinants in m

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

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: 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: What is the difference between elastic demand and inelastic demand? Please provide and explain one…

A: Demand means the ability and desire of consumers to purchase goods and services.

Q: If the price of a good increases by 10% and the quantity supplied increases by 30%, what is the…

A: Given: % Increase in price=10% % Increase in quantity supplied=30%

Q: If a 20% change in price results in a 15% change in quantity supplied, then the price elasticity of…

A: Price elasticity of supply=percentage change in quantity supplied/percentage change in price.

Q: For each of the following pairs of goods, which good would you expect to have more elastic demand…

A: Price elasticity of demand is the demand's responsiveness to the price. The degree of change in…

Q: Calculate the price elasticity of supply from point N to point P. Classify the elasticity for point…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Explain how each of the factors would or would not affect the price elasticity of demand for a good…

A: Price elasticity of demand measures how much a product's consumption changes in response to price…

Q: What is the price elasticity of demand given P=4 and Q=1500−P2. . Select one: a. ≈−0.022   b.…

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

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: As we move up and to the left along a linear demand curve, the price elasticity of demand at…

A: In democratic government it has been seen that there is  the partnership and contribution of both…

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

A: The formula for Price elasticity of supply: Price elasticity of supply (ep) = Percentage change in…

Q: True of False (explain why) Increasing in the apple price by 40% led to an decrease in the quantity…

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

Q: For each of the following pairs of goods, which good would you expect to have more elastic demand…

A: When the initial price is high and the initial quantity is low, the percentage change in quantity…

Q: Q.1.11 When the price of commodity C rises by 10%, the quantity demanded falls by 18%. This is an…

A: Answer - option (b) Elastic Demand  Explanation -  Change in price = 10% Change in quantity demanded…

Q: Identify all those goods which has 1. Unitary elastic demand 2. Perfectly elastic demand 3.…

A: The demand of the good is drawn from the preference of people and the demand curve is downward…

Q: If the supply of a good decreases and it causes total revenue to increase, this shows that the good…

A: When the demand is elastic, then the price and total revenue moves in opposite direction i.e. when…

Q: Which good would you expect to have more elastic demand for each of the following pairs of goods,…

A: The measure that depicts the change in quantity being demanded of a good with respect to changes in…

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: If the price elasticity of demand is 10, then for every 1% increase in price, there is a:   Group…

A: Elasticity  of demand refers to demand response due to changes in demand determining…