What will happen to the demand for ginger if scientific research proves that ginger helps to reduce diabetes.

Q: The cost of a gizmo has gone up. Which of the following would indicate that there would be a good…

A: The length of time has a big impact on how elastic the demand is. Long-term customers have the…

Q: According to a study, the price elasticity of shoes in the United States is 0.7, and the income…

A: The own price elasticity of demand measures the responsiveness of quantity demanded towards the…

Q: If the price elasticity of demand for is -2, the elasticity is classified as?

A: Answer: Price elasticity of demand: it is a value that tells that if the price rises by 1 percent…

Q: what is the cross-price elasticity of demand for substitute goods?

A: Cross price elasticity(XED) measures the effect of change in any good's prices on the demand for the…

Q: What type of demand does a person who has high cholesterol, and must exercise for an hour every day,…

A: The answer is - D. Inelastic

Q: Analyze the factors that would determine the impact of a price increase on the consumption of…

A: According to law if demand, there is inverse relationship between price and quantity demanded . But…

Q: A physician’s office expenses increase 10 percent, so she decides to raise the price of office…

A: Answer: Due to an increase in the price of office visits the total number of office visits will…

Q: What is a real-world question involving price elasticity

A: The concept of price elasticity in demand tells us how much a person will change his/her demand for…

Q: Which product likely has a more in elastic demand, a movie ticket or lifesaving medication? Why?

A: Elasticity of demand is an economic measure that is used to determine the responsive nature of two…

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: An increase in the price of Elidor shampoos (a substitute) will shift the demand curve of…

A: When analyzing the market for a specific product, one can see the relation of that specific product…

Q: Suppose you could buy shoes one at a time, rather than in pairs. What do you predict the cross-price…

A: According to question one can purchase only one shoe at a time either left shoes or the right shoes.…

Q: Use the endpoint method to compute the price elasticity on D1. The endpoint method computes the…

A: The quantity demanded of a good refers to the amount of the good demanded by the consumers of the…

Q: What is likely to cause a high price elasticity of demand for a product? Pick a,b,c, or d a. The…

A: The measure that depicts the change in quantity being demanded with respect to change in price level…

Q: The effect of health insurance drug coverage on prescription drug spending depends on the elasticity…

A: The demand is the main factor that determines the quantity supplied in the economy as well as the…

Q: Will the demand for pay TV shows increase in the future

A: The demand for pay TV shows will increase in the future because:

Q: Suppose the price elasticity of demand for used cars is estimated to be 3. What does this mean? What…

A: Given the elasticity of demand = 3 Percentage fall in used cars = 10%

Q: Explain why variability in the price of Uber rides due to surge pricing is likely to be moderated…

A: Surge pricing is referred to the practice of charging more for a product or service during periods…

Q: In each of the situations below, determine how the price elasticities most likely compare to each…

A: In a market, different types of products have different price elasticity according to their demand…

Q: A product with an inelastic demand means that

A: Option B is right answer Consume are relatively insensitive to change in price of product

Q: There was a new store that opened besides your store if the cross elasticity for both of you is…

A: The cross price elasticity measures the relationship between demand for one good and the price of…

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: What would you expect to happen to spending on food at home and spending on food in restaurants…

A: Income elasticity of demand refers to the percentage change in quantity demanded with respect to the…

Q: Describe the concept of price elasticity?

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

Q: How will the elasticity of demand be affected in the following cases? A. More substitutes become…

A: A good price elasticity of demand is a proportion of how delicate the amount requested is to its…

Q: If the cross-price elasticity of Nicorette, a nicotine replacement therapy, and cigarettes is 0.7,…

A: An economic term is known as "cross-elasticity of demand" evaluates how quickly demand for one…

Q: A decrease in the demand for chocolate with no change in the supply of chocolate will create a _____…

A: Equilibrium is achieved at a point where demand curve intersects supply curve.

Q: Create an example of a good that has perfectly inelastic demand and be sure to include how you would…

A:

Q: what is the importance of price elasticity of demand to pricing managers

A: Pricing managers aim is to set the price that maximize firm's profit. Price elasticity of demand is…

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 new cars are an elastic good then: If the price of new cars goes up people will buy more If the…

A: The elasticity of demand explains the percentage change in quantity demanded due to the percentage…

Q: If demand is inelastic, a change in the price

A: To find : What will be change in price if demand is inelastic

Q: if there is a decrease incomes of consumers,demand for head&shoulder shampoos will increase. True…

A: There are two types of goods in the market: (i) Normal goods: Goods that are positively related to…

Q: Higher average incomes increase the demand for preventive dental visits. Explain why this will lead…

A: An increase in the average income of the citizens of a country might lead to an increase in the…

Q: Mandy has a lemonade stand. Her mother pays for all of her supplies, so she only cares about…

A: In a market, a firm uses different approaches to analyze their benefit from making economic…

Q: HOW DO YOU RESPOND TO PRICE ELASTICITY? People have unlimited needs and wants for their personal…

A: Economics as a subject is used to study and plan the allocation of scarce resources among humans…

Q: How do you suppose the demographics of an agingpopulation of “Baby Boomers” in the United States…

A: In economics, demand refers to a customer's desire to purchase goods and services as well as their…

Q: When determining whether two goods are complements you would look for a cross-elasticity of demand.

A: Cross-price elasticity determines the percentage change in quantity demanded of a good due to a…

Q: Which product likely has a more in elastic demand, a movie ticket or lifesaving medication? Why?

A: Answer - "Thank you for submitting the question. But, we are authorized to solve one question at a…

Q: Canned ssalmon is less desireable than other fish as incomes goes up what haapens to the supply…

A: In case of an inferior good as the income rises quantity consumed decreases. Thus, Canned salmon is…