Is demand for gas to be relatively elastic or inelastic?

Q: A storm destroys half the fava bean crop. Is this event more likely to hurt fava bean farmers if the…

A: When the price of the product changes, then its quantity sold also changes due to change in demand…

Q: elasticity important in the analysis of the market?

A: Price has an inverse relationship on quantity demanded.

Q: Explain inelastic demand?

A: Elasticity of demand is an economic concept that is used to understand the nature of consumers and…

Q: find the elasticity of Demand E for the demand function q=17-ln p

A:

Q: What is elastic demand? What is inelastic demand?

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

Q: Utility companies routinely ask state commissions for permission to raise untility rates. What does…

A: The companies that offer public utility services like electricity service, water etc are said to be…

Q: When the percentage change in the quantity demanded exceeds the percentage change in price, then…

A: Quantity demanded refers to the general quantity of associate item or service that buyers demand…

Q: Demand for Magnum Ice Cream is given by an equation as Q = 70 – 10P + 4 Px + 50 I Where, Q =…

A: Price elasticity of demand: - Price elasticity of demand measures the responsiveness of change in…

Q: Why Elasticity of Demand of Goods and Services Matters for Actors in the Economy?

A: Answer: Introduction: The price elasticity of demand: price elasticity of demand refers to the…

Q: What happens when supply is more elastic than demand; and vice versa?

A: The measure which depicts the percentage change in quantity being demanded with respect to the…

Q: things equal, if à góóð háš móré substitutes, its price elasticity of demand is

A: According to the question If the goods has more substitute or the prices of the goods with many…

Q: Compare Joint Demand and Inelastic Demand?

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

Q: The elasticity of demand for necessity goods is highly elastic True/False

A: #necessity goods are those goods which are taken into daily use and on which the daily life is based…

Q: Define elasticity of demand?

A: Answer: The elasticity of demand; elasticity of demand refers to the degree of responsiveness of…

Q: Using the same given, over what range of prices is y elastic with respect to p?

A: Elasticity of demand is defined as type responsiveness of the quantity demand when price of the…

Q: If the supply curve is more elastic relative to demand, then this suggests that the

A: Elasticity is a measure of the degree of change in demand or supply of a commodity in response to…

Q: If you had been hired to advise your local public transit authority on how they could raise transit…

A: True To determine how revenue can be increased, information about elasticity of demand is required.

Q: Consider the private hire market such as Uber and Lyft. Assume that the price elasticity of demand…

A: 3)i) There exists an inverse relationship between private hire rides and public transport trips.…

Q: What effect does the availability of many substitute have on the elasticity of demand for a good

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

Q: Suppose that you are an orange grower.  Would you expect the demand for your orange to be more…

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

Q: What is the difference between elastic demand and inelastic demand?

A: The elasticity of demand: It is the adjustment or change sought after when there is an adjustment in…

Q: Explain the substantive differences between the elastic, unitary elastic and inelastic demand…

A: Elasticity of Demand: It means the percentage change in one variable due to a change in another…

Q: "If the government wishes to tax certain goods, it should tax goods that have inelastic rather than…

A: ‘Elasticity(El)’ essentially means the percentage(%) change in Qd divided percentage(%) change in P.…

Q: What are the conditioning factors of elasticity?

A: Elasticity is nothing but a measurement of responsiveness of one factor to another. For example…

Q: If a small change in price creates a large change in demand, then we would say that the demand is…

A:

Q: What is inelastic demand?

A: The elasticity of demand:  It refers to the responsiveness of a quantity demanded of a good to…

Q: Define the term Inelastic Demand?

A: Demand is the number of people that are willing and able to acquire things at different prices over…

Q: Q2: Suppose that you are an orange grower. Would you expect the demand for your orange to be more…

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

Q: If the price of bananas rises from 5 SAR per kg to 15 SAR per kg, the quantity demanded decreases…

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

Q: When is supply said to be elastic?

A: Elasticity is a term used in economics to describe the degree to which the quantity desired or…

Q: Use the various determinats of elasticity to explain how responsive consumers will be to fluctuation…

A: Some of the determinants of elasticity of demand that determine how responsive will the demand be to…

Q: Based on the answer of this question, was the demand elastic or inelastic when the price is $150? If…

A: q=-3p+1642p=150Now,q=-3(150)+1642q=-450+1642q=1192

Q: The government is going to increase the tax on petrol to raise additional revenue for road repairs.…

A: At the marketplace, firms and government use elasticity of demand as a tool to analyze the market,…

Q: What is the effect of the following on elasticity of supply in economics?

A: The elasticity of supply would be the ratio of the percentage change in quantity supplied because of…

Q: Would you consider your demand for gas to be relatively elastic or inelastic? What changes do you…

A: Price elasticity measures the responsiveness of demand to changes in price. Elastic demand is…

Q: If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or price?…

A: When demand is elastic it means that the consumers are price sensitive. A small change in price will…

Q: If the demand for American automobiles is more elastic in Europe than it is in the United States, we…

A: The price elasticity of demand of a good is a measure of how price affects the quantity demanded.…

Q: If a 5% change in the wage is accompanied by a 7.5% change in the quantity of labor supplied, what…

A: elasticity of labor supply refers the percentage change in the labor supply due to the percentage…

Q: What does it mean by inelastic supply

A: # The elasticity of supply shows the responsiveness of the seller to change the quantity supplied…

Q: Suppose the demand for meals at a medium-priced restaurant is elastic. If the management of the…

A: To find : What will happen to supply.