Question: Write a discussion post that identifies real world goods or services that have elastic/inelastic demand. Name a specific good or service that has inelastic demand

Write a discussion post that identifies real world goods or services that have elastic/inelastic demand.

  • Name a specific good or service that has inelastic demand (it has a steep demand curve).
  • Explain why quantity demanded does not change in response to an increase or decrease in price.
  • Then name a specific good or service that has elastic demand (it has a relatively flat demand curve).
  • Explain why quantity demanded does change a lot in response to an increase or decrease in price.
  • Which of these two goods is most likely to be taxed.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock 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 Economics Questions!

Q:

currency) will play a dominant role in the world and will - possibly - replace some previously established businesses (if not the whole markets). But - to achieve such a supremacy - changes are...

Q:

For some years now, you've owned a small specialty bookshop in a college town. You sell some textbooks but mainly cater to a broader customer base. Your store always stocks the latest fiction,...

Q:

Read the case scenario and use the text provided to support your answer and only used the text provided Case Scenario Dion is an engineer with Tesla Motors who helps to design electric motors. It has...

Q:

Lecture Notes DL MGT 5100 - Distribution Management Spring 2017 1.0. Day one, Monday, Monday, 9 Jan 17 1.1. Reading Assignments: Chapters 1 and 2 1.1.1. I intend to follow the book so as to provide a...

Q:

Lecture Notes DL MGT 5100 - Distribution Management Spring 2017 1.0. Day one, Monday, Monday, 9 Jan 17 1.1. Reading Assignments: Chapters 1 and 2 1.1.1. I intend to follow the book so as to provide a...

Q:

Lecture Notes DL MGT 5100 - Distribution Management Spring 2017 1.0. Day one, Monday, Monday, 9 Jan 17 1.1. Reading Assignments: Chapters 1 and 2 1.1.1. I intend to follow the book so as to provide a...

Q:

I have attached the discussion board 6 questions,scenario. and lectures for yourreview and response. I will submit a students questions for a response when I receive one. Thank You MKT500 Discussion...

Q:

Learning Objectives 3-1 By the end of this section, you will be able to: Explain demand, quantity demanded, and the law of demand Identify a demand curve and a supply curve Explain supply, quantity...

Q:

4 Files 3:17 PM Fri May 13 Insert Draw Layout Review View Unit SMacroeconomic Policy Name: HR: POLICY BASICS Use the space below to take notes during class. The Federal Reserve: Monetary Policy:...

Q:

4 Files 3:18 PM Fri May '13 Insert Draw Layout Review View Unit SMacroeconomic Policy Name: HR: FISCAL POLICY Use the space below to take notes during class. Disposable Income: How does a change in...

Q:

Janet and James purchased their personal residence 15 years ago for $300,000. For the current year, they have an $80,000 first mortgage on their home, on which they paid $5,600 in interest. They also...

Q:

Please refer to the New York Times Paywall case to evaluatethe Product Strategy of the design ofthe Paywall. Please discuss particularly from the twoperspectives (A) Number of Free Articles ;and (B)...

Q:

15 Glendale Company is using a process costing system The following were taken from the books for Department 2 for the month of June Quality control inspection is done when the units are 80 completed...

Q:

Purchase Corporation purchased 6 0 percent of Steal Company ownership on January 1 , 2 0 X 7 , for $ 2 8 6 , 5 0 0 . Steal reported the following net income and dividend payments:Year 2 0 X 7 2 0 X 8...

Q:

1. Avoid conflicts in the relationship

Q:

3. What is happening here and now (1 is oriented towards the proactive, 2 towards the reactive and 3 is a balance between the two). c. Source of inspiration: When I communicate it is important for me...

Q:

1. What will happen in the future