User Account

All Pages

Distinguish between a necessity and a luxury

Assignment Help Macroeconomics
Reference no: EM132914299 , Length: word count: 300

The price elasticity of demand is people's responsiveness of quantity demanded (or consumption) when there is a change in price.

Respond to the following:

Question 1: Identify the determinants of the price elasticity of demand. Explain each one.

Question 2: Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning.

Question 3: Distinguish between a necessity and a luxury.

Question 4: How are the price elasticity of demand and total revenue related? Why is the price elasticity of demand important to pricing?

  • Your initial post should be a minimum of 300 words.

Reference no: EM132914299

Questions Cloud

Media coverage of presidency and us congress : How does the current coverage relate to past media coverage of the Presidency and US Congress? Can the media provide an unbiased view?
How inflation is measured using the consumer price index : Describe how inflation is measured using the Consumer Price Index (CPI). Describe?the formula(s) used to determine the unemployment rate.
Determine the value of Olmsted shares : You discovered that Olmsted stock is expected to generate earnings of $4.38 per share this year. Determine the value of Olmsted shares
Designing personal development plan : Describe the potential value to you in designing a Personal Development Plan as you begin your academic journey.
Distinguish between a necessity and a luxury : Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning.
What is the expected return of Mess stock : Assume Mess stock has a beta of 1.2. If the risk-free rate is 7 percent and the market return is 10 percent, what is the expected return of Mess stock
Adopting a global benefits strategy : According to the Small Business & Entrepreneurship Council, the growth in real total trade (exports plus imports) equaled 46 percent of the United States' e
How could externalities to attain market efficiency : Externalities are costs or benefits associated with consumption. Describe some differences between a positive externality and a negative externality.
Distribution and inequality of individual income : Demographic profile, employment status, occupational structure, distribution and inequality of individual income in Parramatta and Northern Beaches Local Govern

Reviews

Write a Review

Macroeconomics Questions & Answers

  Aggregate effective demand and full employment level

According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.

  What is stagflation

What is stagflation? Would it be best to respond to this scenario with a temporary or a permanent tax cut... or neither? Explain.

  Should the seller produce a good or a bad product

Suppose that the seller offers the product at a price P without a warranty. If the buyer accepts this offer, should the seller produce a good or a bad product?

  Which instrument are domestic consumers likely to prefer

What is the difference between an export tax and an export subsidy? Which instrument are domestic consumers likely to prefer? Why?

  1a i if there was no item in the economy widely accepted in

1a. i if there was no item in the economy widely accepted in return for goods and services how would transactions be

  Javadoc-style comments in code

Specify each by stating its purpose, by describing its parameters. Then write a Java interface for the methods of a matrix. Include javadoc-style comments in your code.

  How public policy is formed in american system of government

Identify all of the Executive Branch departments, agencies, etc., that have a role regarding the nation's nuclear weapons and what each of their roles is.

  How much money would a typical consumer save each month

Based on your research, AT&T has spent over $15 million on related paperwork and compliance costs, Moreover, depending on the locale, telecom taxes can amount to as much as 25 percent of a consumer's phone bill. These high tax rates on telecom ser..

  Performance and resource monitoring tools

Research alternatives to the performance and resource monitoring tools that are part of the Windows OS and provide a comparison, including pros, cons, prices, etc...

  What happens to the equilibrium interest rate

Briefly discuss two automatic stabilizers and what how might have affected the economy in the event in question and What happens to the equilibrium interest rate?

  Define the marginal propensity to consume

1. (a) Define the marginal propensity to consume and explain its role in determining the size of the multiplier.

  What percent of total energy consumption from fossil fuels

Economics 348 Natural Resource and Energy Economics Problem. What percent of total energy consumption in that year came from fossil fuels

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd