Explain two elastic and inelastic goods

Assignment Help Business Economics
Reference no: EM13997360

Discussion Question: Explain two elastic and inelastic goods that you have recently purchased/not purchased when the price increased of those products. Please relate your answer to the market characteristics.

Reference no: EM13997360

Questions Cloud

In recognition of the post-purchase role of promotion : In recognition of the post-purchase role of promotion, what strategies would you suggest for; (a) a busy hospital emergency room, (b) an executive fitness program that provides health screening and fitness evaluation, and (c) an occupational medicine..
The comparative advantage in aircraft production : One July, the United States sold aircraft worth $1 billion to China and bought aircraft worth only $19,000 from China. During the same month, however, the United States bought $83 million worth of men's trousers, slacks and jeans from China but sold ..
What were the primary sex roles of women : What were the primary sex roles of women in the 1950s in the U.S.? (2) Choose three women that were at the forefront of the women's movement and discuss the changes they advocated and the strategies they used to achieve their goals
Determine the speed of the spacecraft in units of c : A spacecraft with circular (north and south sides - you are looking at the circular face) of diameter 325.0 m passes Earth moving eastward (in relation to you), at the speed of an electron whose kinetic energy is eleven times its rest energy. Dete..
Explain two elastic and inelastic goods : Explain two elastic and inelastic goods that you have recently purchased/not purchased when the price increased of those products. Please relate your answer to the market characteristics.
Grocery store has estimated that each plastic bag : A grocery store has estimated that each plastic bag it uses costs $0.10 to produce. This amount cannot be lowered any further. The chain hires you to figure out how to encourage customers to use fewer plastic bags. what strategy would you recommend?
Consider the demand for hamburgers : Consider the demand for hamburgers. If the price of a substitute good (for example, hot dogs) increases and the price of a complement good (for example, hamburger buns) increases, can you tell for sure what will happen to the demand for hamburgers? W..
Both the demand for and the supply of money will increase : According to both classics and Keynes, if, all else the same, the general price level increases by 5%, The demand for money will increase by 5%. Both the demand for and the supply of money will increase by 5%. In the real world, if the Fed keeps pump..
How fast will the spacecraft be going : If a spacecraft is launched from the Moon at the escape speed of the Earth, how fast will the spacecraft be going when it is very far away from the Moon, ignoring the effects of other celestial bodies?

Reviews

Write a Review

Business Economics Questions & Answers

  Q in class we discussed the idea that small farmers are

q. in class we discussed the idea that small farmers are sometimes price takers i.e. the price of wheat are set in the

  Optimal choice between movie and hamburger

Suppose that Ben has $90 to spend on two goods, movie (M) and hamburger (H). The price of a movie is $10 and the price of a hamburger is $2. Ben’s preferences are represented by the utility function: U(M, H) = M *H^2. What is Ben’s optimal choice bet..

  Marginal revenue product and the marginal cost

Define the marginal revenue product (MRPL ) and the marginal cost (MCL ) of labor. Explain why the condition MRPL = MCL is necessary for profit maximization.

  Find the equilibrium using the model for each period

Imagine the economy starts off at the steady state, with m=v=1 and b=1/2; additionally, suppose that the Fed's infaltion target (π-bar) is 1% and that the real federal fund rates (r-bar) is 1%. In period 1, political uncertainty causes a negative AD ..

  Deadweight loss from a tariff

Which of the following would be a deadweight loss from a tariff? select one the shift of consumer surplus to government the increase in producer surplus the decrease in consumer surplus

  What is the externality associated with individual driving

What is the externality associated with an individual driving on a congested highway? how do tolls help alleviate this externality? How should tools be set? (Hint: would you always want the toll to be the same all day?) The steel industry pollutes th..

  What is the present worth compounded continuously

What is the present worth of $500.00 in month 1, $510.00 in month 2, and amounts increasing by $10 per month through month 36, if the intrest rate is 15% per year compounded continuously?

  Q1 suppose that ike is loss averse in the morning ikes

q1. suppose that ike is loss averse. in the morning ikes stockbroker calls to tell him that he has gained 1000 on his

  Weaknesses of system of central planning in soviet union

What were the strengths and weaknesses of the system of central planning in the Soviet Union? Was the decline of socialism in Eastern Europe the result of purely economic facture? What role was played y politics and culture?

  His speech against ratification of the constitution

Summarize Madison’s central arguments in Federalist Paper 10 and Federalist Paper 51. Summarize Henry’s central arguments in his speech against ratification of the Constitution. What do these excerpts reveal about each man’s assumptions about human n..

  Consumer has the utility function-quantities of two goods

Assume that a consumer has the utility function U(x,y) = 3x+y, where x and y represent the quantities of two goods, X and Y. The consumer has I=$60 to spend on the two goods, and good Y costs py=$2 per unit. The price of good x, px, is also exogenous..

  Illustrate what advice would you offer kyle also chad

Illustrate what advice would you offer Kyle also Chad when they are ready to present their business plan to a banker.

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