Examples of inelasticity and elasticity

Assignment Help Business Economics
Reference no: EM131239380

If something (S) is very responsive to the actions of something else (E) then when that something else (E) makes a changes then the first something will also change very similiar. If someone is allergic to bees, I would say that person is very responsive to bees. Let’s say an allergic person (one sting puts them into shock) and a beekeeper who is used to bees and their stings are put in a room without any bees. If a bee hive is gently introduced into the room, the allergic person should react the most and will make it to the door very fast. You could say the allergic person is very reactive (or elastic) to bees. The bee keeper would generally not react much if at all and would be inelastic.

A) Please give your own examples of inelasticity and elasticity.

Reference no: EM131239380

Questions Cloud

Explain the evaluation and control methods : Explain the evaluation and control methods that can be used to measure the success of a plan when it comes to hand woven place mats and napkins
Derive the average product of labor : (a) Derive the average product of labor (AP L) and the average product of capital(APK) (b) Derive the marginal product of labor (MP L) and the marginal product of capital
Group description and new office equipment : You are one of the first engineers hired into the manufacturing engineering department at a brand new facility for producing aircraft engine controls. Your department is responsible for selecting, justifying, and installing all equipment for the fact..
Two goods have what type of relationship : If Jackie needs special film to go with her new camera, then for her these two goods have what type of relationship?
Examples of inelasticity and elasticity : If something (S) is very responsive to the actions of something else (E) then when that something else (E) makes a changes then the first something will also change very similiar. If someone is allergic to bees, I would say that person is very respon..
Develop an app which allows users to keep records : ICT311 - Mobile App Development - report explaining the design of the app. Submit your code via GitHub or BitBucket, and your report to Blackboard Task 2. Please follow the submission instructions on Blackboard.
Determine the quantity and price that maximize revenue : A firm’s demand function is as follows: Qx = 400 - 5Px + Py - 2Pz + 2I. Assume initial values of Px = 50, Py = 20, Pz = 20, I = 50. Determine the quantity of X that will be sold assuming the initial values. Develop the corresponding Total Revenue and..
What would happen to the demand curve of frozen apple juice : What would happen to the demand curve of frozen apple juice if: An increase in the price of frozen orange juice, considered by many consumers in the United States as a good substitute for frozen apple juice.
Average cost is equal : A monopolist produces and sells 400 units at a price of $40 per unit. The monopolist's marginal cost is equal to $15 and average cost is equal to $23. The monopolist's profit is?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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