Describe gasoline as a commodity

Assignment Help Microeconomics
Reference no: EM13200826

Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity of a good and the availability of substitutes affect the price elasticity of demand in each of these specific cases: 

• Gasoline as a commodity 

• Gasoline sold at a local gasoline station 

• Hotel rooms for people planning a vacation 

• Hotel rooms for people on business to meet an important client

Reference no: EM13200826

Questions Cloud

Derive the equation for output : Derive the equation for output per effective worker y = Y/EN = f(k), where k equals the amount of capital per effective worker. or calculate the steady state levels for each.
What should be the current market price per share : What should be the current market price per share and what is the annual rate of return if you purchase the stock at $65?
What are the highest and lowest payments from the writer : Assuming that the farmer can dispose of $7 from the writer as she wishes, what range of payments will the beekeeper accept Assuming that the beekeeper gets that amount, what range of payments will the farmer accept
Find what is the chance that the family has three girls : Assuming the change of either a boy or a girl is equal (50% each), what is the chance that the family has three girls given that the first child is a girl.
Describe gasoline as a commodity : Determine if the demand for the following products is price elastic or price inelastic, or explian how the necessity of a good and the availability of substitutes affect the price elasticity of demand.
Find what is the probability that the ball chosen : What is the probability that the ball chosen is an odd-numbered ball or a ball with a number less than or equal to 5?
What is the length of each side of the square : A square and a rectangle have the same area. The length of the rectangle is 3 meters more than the length of a side of the square. The width of the rectangle is 2 meters less than the length of a side of the square. What is the length of each side..
Should the government set a goal of reducing marginal cost : Explain the difference between fixed production technology and variable technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology.
How many bulbs will last more than 10 months : A light bulb company knows the lifetime of 10,000 bulbs is normally distributed. The mean lifetime of a bulb is 8 months, and the standard deviation is 1.5 months. Approximately, how many bulbs will last more than 10 months?

Reviews

Write a Review

Microeconomics Questions & Answers

  What proportion of sample means would fall

What proportion of sample means from samples of size n = 16 graduates fall within ±$3,000 from the population mean? u=48600; o=8100 In repeated sampling of n = 25 graduates, what proportion of sample means would fall within ±$3,000 from the popula..

  Determine the new externality base price

You do not need to provide actual numbers; rather, show on the price axis where the price would be before the externality is considered and the price after the externality is included. What problems might exist in determining this new, externality..

  Discuss short and long run costs

Discuss short and long run expenses. For the short run discuss the relationship in cost and production theory and the idea of diminishing returns.

  Explain the rapid development in india

In 1999, India did not have shopping malls. It now has more than 100 malls. explains this rapid development.

  Why a monopoly firm is different from a competitive firm

A monopoly firm is different from a competitive firm in that:  there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product. a monopolist's demand curve is perfectly inelastic while a competiti..

  Evaluate the quality of the model

Test the null hypotheses that the slope terms are individually insignificant using one-tailed t-tests using a .05 level of significance and evaluate the quality of the model.

  Details of price discrimination

M is the monopolist selling goods G. M's cost function is c(y)=4y where y is total production of G. Some of M's potential customers are members and get the member magazine with coupons.

  How to examine the specific dynamics within the organization

how to Write an analysis of an organization researched to examine the specific dynamics within the organization. (The organization must be approved by the instructor.) The analysis may address one or more of the following components.

  Who aim the first shot

If the average shooter aims at someone, he will hit them half of the time. If the drunk aims at someone, then he will hit them only ten percent of the time. Once someone is hit, they are out of the game, with the winner being whoever is the last r..

  Analyze the backgrounds and impacts of deregulation wave

Starting in late 1970s and continuing through the 2000s, business environment moved toward relying less on government regulation and more on marketplace to get desired economic targets.

  Describe the conditions necessary to price discriminate

Monopolies are price makers and as such should be able to set price where they will make a profit. Is this statement true? Why or why not?

  What is meant by the term fractional-reserve banking

The monetary system in any economy facilitates trade and allows people to trade more efficiently, as compared to a barter economy. In the United States, the monetary authority is the Federal Reserve System (also referred to as the Federal Reserve,..

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