would it be elastic or inelastic if a person spent 75cents per day for a candy bar regardless of the price?

Q: Suppose a 3-percent increase in the price of corn flakes causes a 6 percent decrease in the quantity…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: How do I know if a product is elastic or inelastic? How can I determine how elastic or inelastic it…

A: Elasticity of a product measures its responsiveness to the change in the level of price(P). It is…

Q: If the cross-price elasticity of demand between two goods is +2, how would you describe the…

A: Demand elasticity is primarily defined as the change in demand as a result of a change in price,…

Q: discuss the differences in elastic, inelastic, and unit elastic goods. Then name a specific product…

A: Price elasticity of demand measures the percentage change in quantity demanded due to percentage…

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: what is elastic. Trying to figure out if coffee is elastic or inelastic

A: Elastic demand: Elastic demand is the proportionate change in demand for the goods and services that…

Q: QUESTION: What is the difference between price inelastic and price elastic

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

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: How to know whether to use point elasticity or arc elasticity

A:

Q: Your Assignment Instructions: In the Discussion Board Identify 3 items in your life that are elastic…

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

Q: Let's say you cultivate oranges. Would you anticipate a more elastic or inelastic need for your…

A: Introduction, The term "price elasticity of demand" describes the circumstance in which the quantity…

Q: Give an example of an Elastic product, what makes it elastic? What can make it become inelastic?

A: Demand elasticity means percentage change in quantity demanded due to percentage change in price.…

Q: Zia use to buy 10 pieces of Good X given a price of 10 pesos per piece. When the price of good Y…

A: There are two goods, i.e., X and Y An increase in the price of good Y by 15 percent will decrease…

Q: How is elasticity measured?

A: Elasticity is an economics term that describes how responsive one variable is to changes in another.…

Q: If most consumer goods and services are _______, then most income elasticities are_________

A: The consumer demand theory studies how demand changes, given a change in factors affecting demand. A…

Q: If at a price of $24, Octavia sells 36 home-grown orchids and at $30 she sells 24 home-grown…

A: Answer: Given, Price Quantity demanded $24 (P1) 36  (Q1) $30  (P2) 24  (Q2) The following…

Q: When the price of donuts is $1.20, the quantity demanded is 200. When the price falls to $0.80, the…

A: Elasticity of demand measures the responsiveness of quantity demanded to changes in price level

Q: What is the difference between Elastic and Inelastic?

A: Difference between elastic and inelastic:Elastic demand: The elastic demand refers to that the small…

Q: If a 25 percentage change in price generates a 25 percentage decrease in the quantity demanded, then…

A: Given data: Percentage change in price is 25% Percentage change in quantity demanded is 25%

Q: What are the determinants of elasticity?

A: Elasticity of demand is a key economic concept that determines how much a variable will change as a…

Q: ast week, the price of envelopes was Php 150 a box, and Julie was willing to buy 10 boxes. Today,…

A: Last week price= php 150 No. of boxes=10 Today's price= php 175 No. of boxes= 8

Q: How do you think income elasticity affects a normal good versus an inferior good?

A: Income elasticity measures the responsiveness change in percentage of demand due to some percentage…

Q: What is the income elasticity of demand for X?

A: The elasticity of demand is a measure of the responsiveness of changes in the quantity demanded due…

Q: How to calculate elasticity?

A: Elasticity is responsiveness of change in quantity demanded towards change in price.

Q: Data from the Bureau of Labor Statistics shows that U.S. income increased by 10% while consumer data…

A: Income elasticity of demand states that how much a good will be demanded in response of change in…

Q: If a 30 percent decline in the price of gasoline leads to a 15 percent rise in expenditures on…

A: Price elasticity of demand is the responsiveness of quantity demanded to changes in price. It shows…

Q: Define Elasticity in your own words and also explain how elasticity can be measured?

A: Introduction and definition of the elasticity is as under:

Q: What is the nature of elasticity?

A: Elasticity is an economic measure of how sensitive an economic factor is in response to another…

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: Describe and briefly explain the importance of the concept of elasticity.

A: Meaning of elasticity   Elasticity is an Cocept which is used to see the change in Quantity in…

Q: 4.1. The owner of a local hot dog stand has estimated that if he lowers the price of hot dogs from…

A: Midpoint formula calculates the demand elasticity of a good using the formula :  e=∆Q/Q÷∆P/P Where e…

Q: Identify three goods for which your demand is (a) elastic and (b) inelastic. What accounts for the…

A: (a) The elastic demand is the demand which has a larger percentage change in the quantity demanded…

Q: why is the concept of elasticity important

A: The concept of elasticity is widely used in making economic analysis when two goods are related to…

Q: why do you think brand-named goods are more elastic or less elastic than categories, especially when…

A: There is high competition between every brand and between branded and other non branded items.…

Q: If income elasticity for a good is 2, then it is a

A: Find:  If income elasticity for a good is 2, then it is a

Q: Ceb's income has just risen from $950 per week to $1,050 per week. As a result, she decides…

A: Income elasticity of demand measures the quantitative change in demand following the change in…

Q: When a commodity has a perfect substitute, it is said that the good is Select one: a. perfectly…

A: The price elasticity of demand (PED) is a measure that captures the responsiveness of a good's…

Q: The owner of a local hot dog stand has estimated that if he lowers the price of hot dogs from $2.00…

A: The price elasticity of demand is a microeconomic variable that mathematically represents the…

Q: When a freeze in Florida increased the price of oranges in a recent year, total revenue earned by…

A: Price of orange-Increased Total revenue earned-Increased   1-Option A- INELASTIC When the demand is…

Q: Find the elasticity

A: p2 + 2p + q = 100 q = 100 - p2 - p When p = 9, q = 100 - 81 - 9 = 10 Elasticity (Ed) = (dq/dp) x…

Q: importance of Elasticity

A: Elasticity is a tool that is used to measure the percentage change in one variable due to the change…