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Which of the following (insulin, coffee, housing, cars) is an example of an inelastic good?
In a market, when talking about price elasticity of demand of different products, it depends upon various factors like time horizon, durability of the products, and so on.
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- What is a good whose demand increases when income levels increase? Geffen good. Public good. Inferior good. Normal good.ceteris paribus a consumer that purchases a sports car must consider the price of gasoline because these goods areAn economy produces hot dogs and hamburgers. If a discovery of the remarkable health benefits of hot dogs were to change consumers' preferences, it would..
- Samsung launched 5G mobile phones in the Oman Market because Oredoo and Omantel introduced a 5G network in Oman in the year 2021. But in Sri Lanka still, Samsung is selling 4G mobile phones. The determinant of demand discussed in above statements are ____________. a. Taste and preference of the consumer b. Income of the consumer c. Climatic conditions d. Technological changesGiven: Qd = 800 - 4P Qs = 8P - 400 What is the equilibrium Quantity of good xWhich of the following is an example of inelastic demand? A. The average cost of gas in a big city increases by $1 per gallon in just one month, and the demand decreases greatly as people choose to use the bus or subway. B. After the local baseball team raises ticket prices, the demand for large-screen TVs greatly increases as people decide to watch the games at home. C. After a baseball team raises ticket prices by $10 per game, attendance drops drastically. D. The average cost of gas in a small town increases by $1 per gallon in just one month, but demand decreases very little.
- In the market for public transport, which of the following variables would decrease demand, ceteris paribus?A. An increase in the price of private motor vehicles.B. A decrease in the price of private motor vehicles.C. An increase in price of private motor vehicle service plans.D. A decrease in the price of bus tyres.E. An increase in the price of motorbikes, a substitutIf you have the following table: Q Mux Muy 0 0 0 1 54 36 2 48 33 3 42 30 4 36 27 5 30 24 6 24 21 If px= 6 , and py=3 , Income = 36 , What are the equilibrium quantities of ( x , Y ) ? How much is (TUx) at Q = 2 ? If the income decreased to 27. How much is the new equilibrium quantity of X ?Do the equations state that good A is a normal good? Yes or no. Defend your answer.
- Which of the following is an example of Substitute goods (1) tea and sugar (2) tea and coffee (3) Pen and ink (4) None of the aboveThe income of consumer has got increased and the consumer's demand for good X has also increased. What type of good is good X?Research shows that in countries where incomes are high and continue to exhibit an increasing trend, couples decide to have less children. Children are regarded as a/an _______________ good
