Example of a good or service with inelastic demand

Assignment Help Business Economics
Reference no: EM132608411

Provide an example of a good or service with inelastic demand and another good or service with elastic demand. What factors caused the difference in elasticity between the 2 goods.

Reference no: EM132608411

Previous Q& A

  Calculate the contribution margin variance

Calculate the contribution margin variance. Nanerty Inc. produces two types of backpacks: basic and deluxe. The basic backpack sells for $25 and the deluxe sell

  Natural rate of unemployment

Consider an economy with SRAS curve: Y = Ybar + a(P - EP) Where Ybar is the natural rate of output and EP is the expected price level.

  How much must Partner B report in his income tax return

Partner B earns $57,000, but withdraws only $49,000. How much must Partner B report in his income tax return as income

  Describe how the success of a pr campaign can be measured

Evaluate how the success of a PR campaign can be measured. Support your position. Incorporate concepts and examples from this week's lecture in your post.

  How do calculate income statement using marginal costing

How to Reconcile profits between marginal costing and absorption costing. How do calculate income statement using marginal costing

  Spending result in medical facilities

But what about demand for services that retired people need, such as medical care? Won't that spending result in medical facilities

  Incorporate the concepts of game theory

Incorporate the concepts of game theory with international trade and tariffs. Set up two payoff matrices. Set up the first payoff matrix

  What is the net cash from operating activities

Nittany, Inc. collected $25,000 from customers, recorded depreciation expense of $5,000, What is the net cash from operating activities

  Explain the different types of price discrimination

Explain the different types of price discrimination. Then identify a real-world example of price discrimination

  How to use the weighted average cost flow

How to use the weighted average cost flow assumption: determine the equivalent unit cost was in progress for direct material and conversion cost

Reviews

Write a Review

 

Similar Q& A

  What do you need to do to handle crisis

What do you need to do to handle crisis. SLook at mistaken assumptions described. Why do such assumptions arise, and what can be done to overcome se biases.

  Q1 assume the labor demand curve of the firm is w 20 - 001

q1. assume the labor demand curve of the firm is w 20 - 0.01 ewhere w is the hourly wage and e is the level of

  Simplified balance sheet of commercial bank

Consider the following simplified balance sheet of a commercial bank: ASSETS LIABILITIES Vault cash $200 $3500 Deposits Deposits at the Federal Reserve $300 Loans $3000 The required reserve ratio is 10 percent. Find Actual Reserves $ , Required Reser..

  How can let wacc can be lower in capital structure decisions

Why WACC lower is better and how can let WACC can be lower in capital structure decisions?

  How would you classify this market

If there are three firms in an industry with market share of 55%, 20%, 15%, and 10%. What would be the HHI index for this industry? How would you classify this market?

  Why are ratios and trends used in financial analysis

Question 1: Why are ratios and trends used in financial analysis?

  What is the cost of the car

A car dealer offers you a car loan with payments of 4,500, semi-annually, for 4 years. If the posted APR on the loan is 5%, what is the cost of the car?

  As people have more time to adjust to a price change

As people have more time to adjust to a price change,

  Face of rising competition in the fast food

In 1979, in the face of rising competition in the fast food hamburger market, McDonald’s reduced the price of its cheeseburger to $0.43. If the CPI in 1979 was 37.2 and the CPI in 2005 was 100, what is the price of a 1979 cheeseburger in 2005 dollars..

  Describe the competitive dynamic model

Suppose that, in order to finance a government- sponsored health plan, the government needs to increase spending by 10%. The government plans to finance the higher spending with an increase in taxes. As a consequence of this government policy, the ag..

  The kuznets ratios satisfy the dalton transfer principle

The Kuznets ratios satisfy the Dalton transfer principle. If the Lorenz curves of two situations do not cross, the Gini coefficient and the coefficient of variation cannot disagree. If a relatively poor person loses income to a relatively rich person..

  Estimated that the cost function of single-product firm

An economist estimated that the cost function of a single-product firm is: C(Q) = 60 + 25Q + 15Q2 + 10Q3. Based on this information, determine the following: The fixed cost of producing 10 units of output. $ The variable cost of producing 10 units of..

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