Example of a good or service with inelastic demand

Assignment Help Microeconomics
Reference no: EM133516271

Question: Provide an example of a good or service with inelastic demand and another good or service with elastic demand.

Reference no: EM133516271

Questions Cloud

Do you agree or disagree with the supreme court : The US Supreme Court has held that it is constitutional to criminalize assisted suicide, and most states do. Do you agree or disagree with the Supreme Court?
Characteristics of the price elasticity of demand : One elastic goods/services that you have recently purchased or not, and relate your examples to the characteristics of the price elasticity of demand.
Reduces the risk of heart disease : Observational studies have suggested that vitamin E reduces the risk of heart disease.
To what do you attribute the change : The attitude toward these body adornments has changed dramatically. To what do you attribute this change? What is your view of tattooing?
Example of a good or service with inelastic demand : Provide an example of a good or service with inelastic demand and another good or service with elastic demand.
What is origin of the song sound of da police : What is the origin of the song Sound of da Police by KRS-One ? Briefly introduce the song, artist, title, genre, and the year it was recorded and released.
Chemical dependency counselors : Discuss the concept duty to protect as it relates to chemical dependency counselors.
Although we typically talk of state courts : Although we typically talk of state courts (as opposed to federal courts), would it be better to talk about local courts?
Why society is willing to grant this exclusive right : Do you think Gilead's price should be controlled, or do you think Gilead should have the right to charge whatever it wants for Harvoni? Why? Why not?

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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