What does it mean that an item or service is elastic versus inelastic Give three examples of each and explain how each influences your choices ...

Answer When an item or service is described as elastic it means that the quantity demanded or supplied is highly responsive to changes in price In other words a small change in price leads to a relati ...

What does it mean that an item or service is elastic versus inelastic? Give three examples of

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

Question:

What does it mean that an item or service is elastic versus inelastic? Give three examples of each and explain how each influences your choices?

Related Book For answer-question

Principles of Finance

ISBN: 978-1285429649

6th edition

Authors: Scott Besley, Eugene F. Brigham

See More Books

Posted Date: Apr 25, 2024 01:51 AM

See More Questions

QUIZ... Let D be a poset and let f : D D be a monotone function. (i) Give the definition of the least pre-fixed point, fix (f), of f. Show that fix (f) is a fixed point of f. [5 marks] (ii) Show that...
re Regular Languages and Finite Automata (a) Let L be the set of all strings over the alphabet {a, b} that end in a and do not contain the substring bb. Describe a deterministic finite automaton...
Consider the trigonometric series a0 2 + X r=1 (ar cos rx + br sin rx) where a0, a1, a2, . . . and b1, b2, . . . are constants and suppose that f(x) is a periodic function of x with period 2. (a)...
After its move in 1990 to La Junta, Colorado, and its new initiatives, the DeBourgh Manufacturing Company began an upward climb of record sales. Suppose the figures shown here are the DeBourgh...
The liquid-level system shown in Figure 8.1.2d has the parameter values A = 50 ft2 and R = 60 ft-1 sec-1. If the inflow rate is qv(t) = 10us (t) ft3/sec, and the initial height is 2 ft, how long will...
Middle Industries produces a sensor for use in manufacturing. It produces the sensor in a plant with an annual practical capacity of 7 6 , 0 0 0 units. The variable cost of the sensor is $ 1 8 6 per...
A suitable pump for handling viscous fluid is (a) reciprocating pump (b) centrifugal pump (c) turbine pump (d) screw pump
The Paris Bakery has decided to bake 30 batches of its famous beignets at the beginning of the day. The store has determined that daily demand will follow the dishibutius shown in the following...
A coffee filter of mass 1.2 grams dropped from a height of 3 m reaches the ground with a speed of 0.7 m/s. What is the change in thermal energy of the air and coffee filter? Start from the Energy...
The analytical expressions of a few modulated signals are given in Eq (1) to Eq (5). S (t) = m(t) cos(wet) Eq (1) S (t) = [m(t) + A]cos(wet) Eq (2) S3 (t) = m(t) cos(wet) F m(t) sin(wet) Eq (3) S4...
How does marital satisfaction in mid-life compare to marital satisfaction in earlier parts of adulthood in Western countries?
If Mrs. Byrnes urinary Na+ excretion had been measured, would you expect it to be higher than, lower than, or the same as that of a healthy person? Why? How was the saline infusion expected to help...
Why does an elevated urinary level of VMA (a metabolite of epinephrine and norepinephrine) suggest the presence of a pheochromocytoma? Why is it necessary to do a 24-hour measurement of VMA, rather...
If f(x)=(x-5)(x-2x), then f(x) has an inflection point(s) at x=:
Describe the key steps and considerations involved in the successful deployment of an enterprise-wide risk management framework and its supporting capabilities within a large organization. Highlight...
What aspects of the marketing group lead to high quality and high effectiveness? What factors might potentially reduce quality or effectiveness? Read the case study Organizational Behavior Case for...
Should U.S. antidumping laws be stated in terms of average total costs or average variable costs?
A construction contract differs from contracts that we generally deal with that focus on an easily defined physical object because the physical object can be examined. How is the object of a...
What does the owner contribute to the project and what does the contractor contribute to the project?
The construction schedule is the only project document that fully communicates the contractor's intentions for delivering the contracted scope of services over the full course of the project...

What does it mean that an item or service is elastic versus inelastic? Give three examples of

Question:

Expert Answer:

Answer When an item or service is described as elastic it means that the quantity demanded or supplied is highly responsive to changes in price In other words a small change in price leads to a relati... View the full answer

Principles of Finance

Students also viewed these economics questions