The demand would be less elastic when the number of Substitutes are more for a good True/False

Q: The market demand for Good X is given by QD=250-10√P+21², where P is the price and I is the per…

A: Income elasticity refers to the responsiveness in the demand for goods due to corresponding change…

Q: At a price of $8 per unit, Gadgets Incorporated is willing to supply 19,000 gadgets, while United…

A: * SOLUTION :-  The OPTION A (1.59) is correct answer.   * Explanation :-    Market supply is the sum…

Q: Suppose that the price of product X rises by 12 percent and the quantity supplied of X increases by…

A: The price elasticity of supply is the percentage change in the quantity supplied as the own price of…

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A: The contribution margin is calculated by subtracting the variable value per unit from the terms per…

Q: The cross price elasticity between gasoline and driving is Group of answer choices   is positive so…

A: The cross-price elasticity of demand depicts a percentage change in the quantity demanded of a good…

Q: Becky is a stay-at-home parent who lives in Miami and teaches tennis lessons for extra cash. At a…

A: The following information is given: Here, L is the labor supply (in terms of hours) and W is the…

Q: suppose for commodity X, the price elasticity of demand is 3 and the marginal cost is RM200. compute…

A: Given the price elasticity of demand (3) and marginal cost (200), the optimal price could be…

Q: The demand for water tends to be price inelastic for both residential and irrigation uses Group of…

A: The statement is true

Q: The price elasticity of demand increases with the length of the period considered because O A)…

A: Elasticity of demand measures the responsiveness of quantity demanded of a good, to a given change…

Q: In competitive markets, the supply of a firm with no fixed costs and constant returns to scale will…

A: In a competitive market, a firm's output and pricing decision depends on itz elasticity and cost…

Q: Transatlantic air travel in business class has an estimated elasticity of demand of 0.62, while…

A: The elasticity of demand is the measurement in which change in quantity demanded due to the change…

Q: If the cross price elasticity between beer and ticket prices is .5 Group of answer choices Multiple…

A: Cross Price elasticity of Demand:- It is a measure of how responsive quantity demanded for the given…

Q: Blossom, Inc., sells 900 bottles of perfume a month when the price is $10. A huge increase in…

A: The formula is:Elasticity of demand=(change in quantity/average quantity)/(change in price/average…

Q: Larry is a retired teacher who lives in New York City and provides math tutoring for extra cash. At…

A: The elasticity of labour supply refers to the ratio of percentage change in labour supplied with…

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: The ministry of mines has estimated that the supply curve for vibranium is P(Q.)=70+ (18/10) x Q..…

A: Elasticity of supply is given as Es= Percentage change in quantity supplied / Percentage change in…

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: TRUE OR FALSE *if the coefficient of elasticity is greater that zero and less than one, then the…

A: Elasticity is defined as a measure to determine how sensitive an economic factor is to another…

Q: If the cross price elasticity between beer and ticket prices is -.5 Group of answer choices…

A: Cross price elasticity of demand measures the responsiveness in quantity demanded in one commodity…

Q: Which of the following statements is true? a. The more substitutes there are for a good the more…

A:

Q: If demand for a good is highly elastic, that good is likely to have: a. many close complements. b.…

A: A good tends to have a highly elastic demand if it has many close substitutes.

Q: The coefficient of price-elasticity of supply for a product is 1.2 if   Multiple Choice   a 3…

A: The formula is : The elasticity of supply(E) =% change in quantity% change in price

Q: Suppose the price of a concert ticket rises from $20.00 to $25.00 and the number of tickets sold…

A: Answer to the question is given by:

Q: A firm sells a good that is perceived by consumers as a necessity. It also has few substitutes. This…

A: Hey, Thank you for the question. According to our policy, we can only answer 1 question per session.…

Q: Suppose that as the price of Y falls from $12 to $10, the quantity of Y demanded increases from 500…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: A perfectly elastic supply curve means that suppliers will not respond at all to any change in price…

A: Price elasticity of supply measures the change in the quantity supplied in response to a change in…

Q: In the context of Pakistan’s society for each of the following products, indicate the correct type…

A: a. An exquisite necklace to be sold at an auction The supply of an exquisite painting tends to be…

Q: The price elasticity of demand coefficient for a good will be lower in all of the following cases…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

Q: Assume that the price of product Y decreases by 5% and the quantity supplied decreases by 2%. The…

A: The markets are the places which are considered to be the meeting point of the buyers, who want to…

Q: In case the two commodities are good substitutes, cross-elasticity will be

A: The cross elasticity of demand is an economics principle that determines how sensitive an amount…

Q: Comment on the Elasticity of demand for a good having high number of substitutes

A: The concept of elasticity of demand for any good is a measure and indicator which shows how the…

Q: .If a good or service has a large number of easily available substitutes, it is more ________.…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: Under what elasticity condition would the following be true? "Increasing the mimimum wage will…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: TRUE OR FALSE *If change in quantities demanded and supplied is greater than the change in price,…

A: We are supposed to do the first question please send rest of the questions again to get the answer.…

Q: The price elasticity of demand increases with the length of the period considered because…

A: Elasticity of demand measures the responsiveness of quantity demanded of a good or a service to a…

Q: Your friend is a talented artist.  She has no other employment options, she finds painting…

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Q: Price elasticity of demand (PED): Determinants of price elasticity of demand Substitutes available…

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

Q: Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in…

A: Elasticity of demand measures the responsiveness of quantity demanded with respect to change in…

Q: If demand is ___, then a given % rise in price will cause a smaller % fall in quantity demanded so…

A: Elasticity of demand states that the responsiveness change in quantity demanded to the change in…

Q: own-price elasticity of demand equals 0.3 in absolute value, then what percentage change in price…

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

Q: The supply curve will be more price elastic if the good has few substitutes the time the producer…

A: The elasticity of supply of a good depends upon the price of that good. If the price of a good…

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…

Q: Demand is said to be _____________ when the quantity demanded is not very responsive to changes in…

A: Elasticity of demand measures the responsiveness of the demand due to the change in the price of the…

Q: Kyoko is a college student who lives in San Francisco and provides math tutoring for extra cash. At…

A: The following information is given: Mathematically mid-point method of elasticity is expressed as:…

Q: The price elasticity of compensated (Hicksian) demand for a good might be zero. Is this true or…

A: A compensated demand curve is the one that only measures the change in quantity demanded due to…

Q: When a good has a perfectly inelastic demand, it can be determined that that good x has: a. Only…

A: The number of possible substitutes determines the extent to which the units demanded of a product…