Explain why demand is more elastic

Assignment Help Microeconomics
Reference no: EM13745587

In a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse, a colleague says, "We should use our own warehouse and save the cost of renting one." Do you agree or disagree? Explain.

Explain why demand is more elastic in the long run than in the short run.

Reference no: EM13745587

Questions Cloud

Characteristics of mendels garden pea plant pisum sativum : List two characteristics of Mendel's garden pea plant Pisum sativum, that make it an ideal organism for genetic experiments and why the two characteristics are useful
Identify the point in the reading when you realized : Identify the point in the reading when you realized that the ending would be different from what the beginning of the reading suggested that it would be.
Determining the share of preferred stock : Macy's preferred stock pays $14 in annual dividends.  If your required rate of return is 7.61%, how much would you be willing to pay for one share of this preferred stock?
Name the four phases of mitosis : Name the four phases of mitosis and describe the major events occurring in each phase
Explain why demand is more elastic : In a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse, a colleague says, "We should use our own warehouse and save the cost of renting one." Do you agree or disagree? Explain.
Compare and contrast efficiency and effectiveness : Think of one manager you have known. He (she) could be anyone in a formal or informal management position with respect to you, such as a coach, teacher, student club or team leader, a volunteer leader at a church or volunteer group
How dose cytosine sis differ between plant and animal cells : How dose cytosine sis differ between plant and animal cells
Remove an organism from a food web : When you remove an organism from a food web or add an organism to a food web, what are some consequences that can occur
Discuss the federal reserves use of open-market operations : Discuss the Federal Reserves use of open-market operations to influence the money supply and the respective consequences of such actions.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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