Explain, in your own words, the relationship between prices and quantities demanded when demand is perfectly elastic.

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

Question:

Explain, in your own words, the relationship between prices and quantities demanded when demand is perfectly elastic. ( 4 points ) Give the example of a product for which demand would approach perfectly elastic demand. ( 2 points )

Graphically represent a perfectly elastic demand curve. ( 4 points )

Related Book For answer-question

Processes Systems and Information An Introduction to MIS

ISBN: ?978-0133546750

2nd edition

Authors: Earl McKinney, David M. Kroenke

See More Books

Posted Date: Apr 28, 2024 07:48 AM

See More Questions

Portray in words what transforms you would have to make to your execution to some degree (a) to accomplish this and remark on the benefits and detriments of this thought.You are approached to compose...
Prolog You are approached to compose a Prolog program to work with twofold trees. Your code shouldn't depend on any library predicates and you ought to expect that the mediator is running without...
PLEASE GIVE CORRECT ANSWERS Prove that the number of comparators in any sorting network is (n log n). [4 marks] (ii) What does Part (d)(i) imply in terms of the depth of any sorting network? [1 mark]...
Certain environmental laws prohibit EPA from considering the costs of meeting various standards when the levels of the standards are set. Is this a good example of putting first things first or...
Methanol, CH3OH, can be produced in industrial plants by reacting carbon dioxide with hydrogen in the presence of a catalyst. Water is the other product. How many volumes of hydrogen are required for...
Respond in a summative and discussion manner to the post below: Most states now apply which standard to providing an informed consent? Informed consent can be provided by implied consent and express...
Determine the autocorrelation function for the triangular wave shown in Figure P13.6. A 717 HIN 0 FIGURE P13.6 -A T 72
The first seven transactions of Fournier Advertising, Inc., have been posted to the companys accounts as follows: Requirement 1. Prepare the journal entries that served as the sources for the seven...
R1 and R2 are two Relations as follows: R1(a, b) : { <0,1>, <0, 2>, <2, 3>, <1, 3>} and R2(a, c, d) { <0,3,2>, <1, 1, 1>, <3, 0, 1>, <2, 1, 0>, <0, 3, 3>} What will be the output of the Relational...
Pluto Inc. is a company which provides legal consulting services. The unadjusted trial balance data on September 30, 2023 were as follows: Cash Pluto Inc. Unadjusted Trial Balance September 30, 2023...
The court in the Besteiro decision issued a temporary injunction requiring that an airconditioned classroom be provided. It is likely from the language in the opinion that this would be the result if...
What are the differences between the Roncker decision and the Daniel R. R. decision?
How does ABC differ from activity-based management?
Should a student with a severe intellectual disability, such as Neill Roncker, who could interact in a regular gym or music class be required to be mainstreamed into a regular school setting?
When would ABC give more accurate costs than traditional costing system?
Answer the following questions. a. What aspect of ICC (intercultural communication) did the ted talk address? b. Did you agree or disagree with the author's findings? c. Why or why not? d. Create a...
The graph of the sequence whose general term is an = n - 1 is which of the following? [8.1] A. B. TITTT 3-2-1 23.45 2.3.4
Make a bar chart of \(\mathrm{CO}_{2}\) footprint divided by embodied energy, using data from the data sheets of Appendix A, Table A10, for a. Cement b. Low carbon steel c. Copper d....
a. A range of office furniture includes a chunky hardwood table weighing \(18 \mathrm{~kg}\) and a much lighter table with a \(3.0 \mathrm{~kg}\) virgin aluminium frame and a \(3.0 \mathrm{~kg}\)...
a. Window frames are made from extruded aluminium. It is argued that making them instead from extruded PVC would give a product with a lower embodied energy and carbon footprint. If the section shape...

Explain, in your own words, the relationship between prices and quantities demanded when demand is perfectly elastic.

Question:

Expert Answer:

When demand is perfectly elastic it means that consumers are extremely responsive to changes in pric... View the full answer

Processes Systems and Information An Introduction to MIS

Students also viewed these accounting questions