Price change, Microeconomics

1.  Seller has ample time to adjust to price change.

2.  Buyer's response to small price change is significant.

3.  Buyers are faced with many options when deciding to make a purchase.

4.  Sellers do not have much time to adjust to price change.

5.  Buyers consider this item to be a necessity.

a.    Elastic demand

b.    Inelastic demand

c.    Inelastic supply

d.    Elastic supply

Posted Date: 2/23/2013 1:01:20 AM | Location : United States







Related Discussions:- Price change, Assignment Help, Ask Question on Price change, Get Answer, Expert's Help, Price change Discussions

Write discussion on Price change
Your posts are moderated
Related Questions
Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low


(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3. (ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of

Will Governments Follow Good Policies? That governments can assist in development and growth doesn't mean that governments will. The broad experience of growth in developing ec

NEW CLASSICAL BUSINES CYCLE THOERY: Yang, Xioaokai,  Economics: New Classical versus Neoclassical Frameworks, Oxford: Blackwell Publishers.  The book goes on to rigorously dev

An economist's view of costs contains both explicit and implicit costs.  Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resou

The End of the Malthusian Age We clearly no longer live in a Malthusian age. For at least 200 years improvements in the efficiency of labor made possible by new technologies a


state 3 major assumptions which a production posibility is based