Question: Demand for a product is inelastic. Which is not consistent with this? a. It is difficult to substitute the product with another one. b. The

Demand for a product is inelastic. Which is not consistent with this? 


a. It is difficult to substitute the product with another one. 


b. The product can easily be substituted by another. 


c. Consumption of the product is crucial for consumers. 


d. The price of a substitute product is higher.

Step by Step Solution

★★★★★

3.47 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

An inelastic product is defined as one where a change in price does not sig... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Q:

the price elasticity of demand for a product is -.5. When its price is increased by 2%. Quantity demanded will be?

Q:

A certain firm's marginal cost for a product is MC = 6x + 60, its marginal revenue is MR = 180 + 2x, and its total cost of production of 10 items is $1000. (a) Find the optimal level of production....

Q:

The total cost function for a product is C(x) =800 ln (x + 10) +1700 where x is the number of units produced. (a) Find the total cost of producing 100 units. (b) Producing how many units will give...

Q:

Just Falafel: a success story of an international expansion Alia Al Mazrouis, United Arab Emirates (UAE) University graduate and Mohammad Bitar cofounded Just Falafel in 2007 and are trying to make...

Q:

Kellogg's Indian Experience: A Failed Launch CASE STUDY Use product mix matrix for Kelloggs as a whole , identify how you do line stretching in any one of its product line. (10 marks) In April 1995,...

Q:

Give your opinion. and give me proper explanation . After reading the attached article, please write a paragraph as article summary and then respond to the following questions: Are there other ways...

Q:

ORGANIZ/fIION DE\\IELOPMENT 4t XieS&r& L:rlt ttttrc DONALD R.BRO\\MN i',ii+ir+,::':i'i Organlzation Renewal: The Challenge-of Change LEARNING OBJECTIVES Upon completing this chapter, you will be able...

Q:

Hirschheim and Klein's (1989) paper describes the four paradigms. Please help to answer the following questions based on the readings attatched below. The reading is a functionalist in nature. What...

Q:

Question 1 (1 point) In a market economy, prices are determined by: 0 businesses which buy and sell the products 0 consumers and labor unions 0 the interaction of supply and demand 0 decree of...

Q:

Question 1. QUESTION 1 Suppose that the quantity supplied of pizza exceeds the quantity demanded for pizza. We would expect that: the price of pizza will increase. the price of pizza will decrease....

Q:

For an electron in the ground state of a hydrogen atom, calculate its (a) Potential energy, (b) Kinetic energy, and (c) Total energy.

Q:

Freeline Limited, a South African-based brick manufacturing company, intends to expand its output capacity in order to meet the expected increase in demand from the construction industry. The company...

Q:

Find the limit of the rational function ( a ) as x and ( b ) as x - . Write or - where appropriate. f ( x ) = 4 x 8 6 x 2 - 1 2 x 7 - 4 x 9 a . lim x ( 4 x 8 6 x 2 - 1 2 x 7 - 4 x 9 ) = ( Simplify...

Q:

How many shares of common stock did Apple have outstanding at September 28, 2013, and at September 29, 2012?

Q:

Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by Goins Company in 2017. 1. Goins developed a new manufacturing...

Q:

Foofy computes the X from data that her professor says is a random sample from population Q. She correctly computes that this mean has a z-score of +41 on the sampling distribution for population Q....

Q:

The table below shows the number of kidney transplants from living donors in different countries. As you can see, kidney transplantation rates show a wide cross-country variation, even for countries...

Q:

A nanosecond is 10 9 s. (a) What is the frequency of an em wave whose period is 1 ns? (b) What is its wavelength? (c) To what class of em waves does it belong?

Q:

Question 2 1 pts Kyle is interested in examining how sex of participant (male, female) and self-esteem (high, low) affect perseverance on a novel task. What is the dependent variable in this study? O...

Q:

Five years after buying his first sewing machine, Scott Hunter was telling friends about the conversation with Yvon Chouinard, the legendary rock climber and environmental advocate who founded the...

Q:

What advantages would a lower price penetration strategy have offered Euro Disney? Do you see any drawbacks? A firm with a new product or service may be in a temporary monopolistic situation. If...

Q:

You are the head of research and development (R&D) for a major beer company. While working on a new beer product, one of the scientists in your unit seems to have tentatively identified a new...

Q:

In a small apartment in Santa Monica, California, Gautam Gupta and Ken Chen found themselves at a crossroads. Do we pursue this business idea or call it quits? They had just finished running a simple...

Q:

Reread the description of the FoodCo case study in Case Study B1. Identify any constraints that you think might be imposed on the design of the new system. FoodCo Case Study: FoodCo produces a range...

Q:

HI PLEASE ANSWER ALL 1. Assume the market for apples is initially in equilibrium. Which of the following will result in a higher equilibrium price of apples? a. An increase in both the demand for and...