Characterize the demands for the goods

Reference no: EM13742674

Q 1. Based solely on the information provided below, characterize the demands for the following goods as being more elastic or more inelastic.

a. A 45-cent box of salt that you buy once a year

b. A type of high-powered ski boat that you can rent from any one of a number of rental agencies

c. A specific brand of bottled water

d. Automobile insurance in a state that requires autos to be insured but has only a few insurance companies

e. A 75-cent guitar pick for the lead guitarist of a major rock band

Q 2. Many people who do not smoke cigars are bothered by the odor of cigar smoke. If private con-tracting is impossible, will too many or too few cigars be produced and consumed? Taking all costs into account, is the market price of cigars too high or too low?

Reference no: EM13742674

Questions Cloud

Disccuison on managerial paradigms : To begin your thread for a particular module, open the Key Terms document posted within each module, and select one of the key terms that interests you - Disccuison board on Managerial paradigms: ethnocentric, polycentric, and geocentric

Write research paper on harmful algal blooms : Write research paper on Harmful algal blooms

What relationship of diwali festival with hinduism : Summary of the article diwali the festival of lights. What relationship of diwali festival with Hinduism. Make your points with supporting facts or citations.

Write history of diabetes and hyperlipidemia : Write history of diabetes and hyperlipidemia

Characterize the demands for the goods : Characterize the demands for the goods as being more elastic or more inelastic - smoke cigars are bothered by the odor of cigar smoke

Traditional inventory system : Assume the inventory ratio is based on a traditional inventory system, but globalized markets and the supply chain make it critical to adopt lean principles to create a more efficient system.

Write a full summary of the ww-ii documentary film : Write a full summary of the WW-II documentary film and An analysis of the role of the USA in defeating the Axis Powers in Europe.

Determining the margin of safety : Swimkids is a swimsuit manufacturer. They sell swim suits at a selling price is $30 per unit. Swimkids variable costs are $18 per unit. Fixed costs are $81,900. Swimkids expects sales of $275,200 next year. What is Swimkids's margin of safety (in ..

Describe how gaba works as an inhibitory neurotransmitter : Describe how GABA works as an inhibitory neurotransmitter.Then discuss how alcohol interferes with GABAs function and how this in turn effects normal functioning

User Account

All Pages