Which consumers normally have inelastic demand

Assignment Help Business Economics
Reference no: EM131097789

Identify one product for which consumers normally have elastic demand and one product for which consumers normally have inelastic demand. (Use examples that are not found in the textbook.) Do either of the products that you identified have any close substitutes? Explain your answer.

Reference no: EM131097789

Questions Cloud

What are the four phases of the business cycle : What are the four phases of the business cycle? Why is it difficult to distinguish between frictional, structural, and cyclical unemployment? Why is unemployment an economic problem? What are the consequences of a negative GDP gap? What are the nonec..
Identify single-variable unconstrained minimization problem : Identify a single-variable unconstrained minimization problem relevant to engineering. That is, your minimization should arise in the solution of some real-world, physicallybased design or analysis problem
Strict rule on falsification : Your company has a strict rule on falsification. Falsification is a terminable offense and requires all employees to take a minimum 30 minute lunch break in the middle of their shift.
All terms in the diagnosis : Identify? all terms in the diagnosis - Locate? each main term in the Alphabetic Index.M
Which consumers normally have inelastic demand : Identify one product for which consumers normally have elastic demand and one product for which consumers normally have inelastic demand. (Use examples that are not found in the textbook.) Do either of the products that you identified have any close ..
Moving forward and getting everyone engaged : As the Team Supervisor, what do you do to being everyone engaged and start working like a team? As the Director of the Department, what do you do to ensure the Supervisor is moving forward and getting everyone engaged?
Estimate of the own-price elasticity of demand : A cafe manager sells steak sandwiches for $9.24 each. The manager notices that a nearby corner store is charging $8.50 per steak sandwich, and is contemplating whether to match the price. Would the cafe lose revenue on steak sandwich sales if it char..
Determine level of fishmans sapir-whorf hypothesis schema : Women are about how many more times more likely to experience depression than men, a gender difference that has been shown across race, ethnicity, socioeconomics, and culture?
How do you handle this as the sales leader : You work for a manufacturing company that has an annual revenue of $50 million. Your organization has experienced a 2% increase in sales for the past 5 years, however, the market average for your industry is a 7-10% growth per year. The organizati..

Reviews

Write a Review

 

Business Economics Questions & Answers

  An agribusiness firm may undertake three alternatives

An agribusiness firm may undertake three alternatives: The Stinson family owns a farm in Amarillo, Texas. Three alternatives for how to use the farm:

  What happens to the demand curve and the supply curve

Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of dema..

  Attempt to be completely self-sufficient tend

In general, individuals and countries that attempt to be completely self-sufficient tend to

  If a firm faces consumers who are very sensitive to prices

If a firm faces consumers who are very sensitive to prices,

  Economic indicators-events that resulted in this loss

Choosing a long position on the USD/CHF (Us dollar/Swiss Franc) resulted in a loss over the past month. What in the past 2 months (September/October) could have been economic indicators/events that resulted in this loss? What would be any factors tha..

  Case study on business ip

Explain how these surveys help you understand what your collected data should look like (range of expected values).

  Pharmaceutical industry is an oligopoly

Required all pharmaceutical firms to sell their drugs in a competitive market with no ability to patent their break.

  Explain the operations of copper kettle catering

Explain why the operations of Copper Kettle Catering conducive to the application of lean concepts and practices.

  Find equilibrium quantity-equilibrium price-monopoly profit

Suppose a monopolist has costs to produce output of TC=1/6 Q^2+10 and faces the demand curve Q=3000-3P. Find equilibrium quantity, equilibrium price, and monopoly profit.

  What is nominal annual interest rate for this credit card

A department store has offered you a credit card that charges interest at 1.05% per month, compounded monthly. What is the nominal annual interest rate (APR) for this credit card? What is the effective annual interest rate?

  What happens when the price level rises

What happens when the price level rises? Which of the following best describes what happens when the price level rises? If a government started with a deficit and moved to a surplus, which of the following best describes the effects of these changes?

  Forecast has resulted in excess inventory sitting idle

An overoptimistic sales forecast has resulted in excess inventory sitting idle at a company's warehouse. As the manager of the company, your job is to troubleshoot the problem and get results. Your instinctive reaction is to open up new channels of d..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd