a.What's an example of a good that you consume for which your individual demand is inelastic? b.Consider

Fantastic news! We've Found the answer you've been seeking!

Question:

a.What's an example of a good that you consume for which your individual demand is inelastic?

b.Consider the good that you mentioned in part a. Is there a close substitute for that good? How would your demand for the inelastic good change if the price of a substitute decreased?

c.Again, consider the good from part a. How would your consumption of that good change if you woke up tomorrow and made $80,000 per year?

d.Once more, think of the good from part a. What kind of good is it? Normal/inferior/Giffen? Why do you think that?

Related Book For answer-question

International Marketing And Export Management

ISBN: 9781292016924

8th Edition

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

See More Books

Posted Date: Feb 19, 2024 06:26 AM

See More Questions

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
importance of workalike balance for women as a leader in healthcare. 1. The purpose of the research; 2. Research question/s; 3. Findings and relevant data; 4. Any recommendations and; 5. The...
Ritz-Carlton. The name alone evokes images of luxury and quality. As the first hotel company to win the Malcolm Baldrige National Quality Award, the Ritz treats quality as if it is the heartbeat of...
As noted in the course textbook (pp.48-49), data from both the Bureau of Labor Statistics (BLS) and National Council on Compensation Insurance (NCCI) indicate that the frequency of serious injuries...
Assume that the nominal interest rate in Mexico is 48 percent and the interest rate in the United States is 8 percent for one-year securities that are free from default risk. What does the IFE...
Describe under what circumstances employers often discharge an employee.
Tuggle, Inc., which manufactures rigid shaft couplings, has $600,000 to invest. The company is considering three different projects that will yield the following rates of return. Project X iX = 24%...
Find the change in a disk's angular speed (in rad/s) if its mass and radius are 0.230 kg and 0.180 m, respectively
ZIM Inc. (ZIM) is a high-technology company that develops, designs, and manufactures telecommunications equipment. ZIM was founded in Year 5 by Dr. Alex Zimmer, the former assistant head of research...
Suppose that at Miles's current level of consumption, his marginal utility from a pizza is 10 utils, and his marginal utility from a pint of ice cream is 16 utils. If the price of a pizza is $8, and...
How many hours would it take for 500 mL of intravenous (IV) solution to be delivered if it is flowing at 60 drops/ minute? This set is calibrated at 100 drops per mL.
Evaluate the limit, if it exists., generate answer show all work. 17. (-5+ h) - 25 lim h0 h
Ratio evaluation is essential for a business because it enables it to analyze its financial position, liquidity, profitability, risk, solvency, efficiency, operational effectiveness, and proper use...
Allen has a craft store called Pentcrafto, where she sells home decor products made from recycled paper. In the context of marketing, what utilities are Pentcrafto's products most likely to provide?...
Determine the number of hours of direct labor required per $3000 worth of raw materials: Labor hours per $ 3000 = 4.5 hours Labor hours per $3000=4.5hours Find the number of $3000 increments in the...
Imagine you belong to a country where the language situation is diglossic. Give some examples of situations in which you would use H variety and L variety. Question from "Sociolinguistics"
Rowland Textile Inc. manufactures two products: sweatshirts and T-shirts. The manufacturing process involves two activities: cutting and sewing. Expected overhead costs and cost drivers are as...
How would you respond to a person making the following statement: 'as a general rule, the export market manager has few sources of information available for use in market selection?
Exchange rate fluctuations between the Japanese yen, the euro, and the US dollar have posed serious problems for Strato Designs (the name of the company is disguised). The California company produces...
There are many who believe that whatever is legal is ethical. Do you agree with this belief as it might apply to the international marketer? Explain your position and give examples of behaviour in...
Show that the Fourier transform of a conjugate antisymmetric sequence is imaginary.
Solve Exercise 1.22 using the concept of the transfer function. Exercise 1.22 Compute the inverse Fourier transform of \[X\left(\mathrm{e}^{\mathrm{j} \omega} ight)=\frac{1}{1-\mathrm{e}^{-\mathrm{j}...
We define the even and odd parts of a complex sequence $x(n)$ as \[\mathcal{E}\{x(n)\}=\frac{x(n)+x^{*}(-n)}{2} \quad \text { and } \quad \mathcal{O}\{x(n)\}=\frac{x(n)-x^{*}(-n)}{2}\]...

a.What's an example of a good that you consume for which your individual demand is inelastic? b.Consider

Question:

Expert Answer:

a An example of a good for which individual demand is inelastic could be prescription medication for ... View the full answer

International Marketing And Export Management

Students also viewed these economics questions