Fine demand for a product is inelastic with respect to price

Assignment Help Macroeconomics
Reference no: EM13181841

If demand for a product is inelastic with respect to price, this means that: people are responsive to the price changes of this product and the absolute change in quantity demanded is greater than the absolute change in price. people are responsive to the price changes of this product and the magnitude of the percentage change in quantity demanded is greater than the magnitude of the percentage change in price. people are not very responsive to the price changes of this product and the absolute change in quantity demanded is less than the absolute change in price. people are not very responsive to the price changes of this product and the magnitude of the percentage change in quantity demanded is less than the magnitude of the percentage change in price.

Reference no: EM13181841

Questions Cloud

Computation of hydrogen ion concentration from ph : Calculation of Hydrogen Ion Concentration from pH What is the H concentration of a solution with pH of
How far will a car skid : the formula r=2 radical 5L can be used to approximate the speed r, in miles per hour, of a car that has left skid marks of length l, in feet. how far will a car skid at 30 mph.
What is the probability that the mean weight : Parts being manufactured at a plant are supposed to weigh 40 grams. Suppose the distribution of weights has a Normal distribution with mean 40 grams and a standard deviation 2 grams. Quality control inspectors randomly select 16 parts, weigh each,..
Explain what is the ph at the stoichiometric point : What is the pH at the stoichiometric point? What is the pH when 105% of the base required to reach the stoichiometric point has been added?
Fine demand for a product is inelastic with respect to price : people are not very responsive to the price changes of this product and the absolute change in quantity demanded is less than the absolute change in price. people are not very responsive to the price changes of this product and the magnitude of th..
State what is the solubilty at an elevation : what is the solubilty of O2 at an elevation of 12, 000 ft where the atmospheric pressure is 0.657 atm? Assume the temperature is 25 degrees celsius, and that the mole fraction of O2 in air is 0.209 at both 12, 000 ft and at sea level.
Estimate the maximum possible error in the calculated area : The radius of a circular disk is given as 26 cm with a maximum error in measurement of .2 cm. Use differentials to estimate the maximum possible error in the calculated area of the disk.
Find the thickness : The outside of a picture frame measures 19in by 10in. 56in^2 of the picture shows. find the thickness.
What is the profit-maximizing price for a bag : The only other costs associated with manufacturing and distributing Brand X chips are the costs of raw potatoes, peanut oil, and bags; last year FoodMax spent $2.8 million on these items, which were purchased in competitive input markets. Based on..

Reviews

sey181841

1/24/2020 4:21:17 AM

Why is the quantity of education demand in private Universities much more responsive than salt is to changes in price ?

Write a Review

Macroeconomics Questions & Answers

  Inflation targeting be a good policy

Why might it be difficult for the Fed to formally adopt inflation targeting?  Would inflation targeting be a good policy for the Fed in the present economic environment

  In using the taylor rule

In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?

  Describe the present economic crisis situation in europe

Describe the present economic crisis situation in Europe.  Why has it been so difficult for the Europeans to find a solution to this problem?   Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..

  Long-term federal government budget problems

Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.

  Derive and compare demand curve

Question based on Derive and compare demand curve,  Derive Ambrose's demand function for peanuts. How does it compare with Johnny's demand curve for peanuts?

  Problem based on utility function

Problem based on  Utility Function - Problem,  Answer and explain the following using a diagram which is completely labeled.

  Laffer curve : tax rate and tax revenue

Question based on Laffer Curve : Tax Rate and Tax Revenue,  Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change?

  Problem - income elasticity of demand

Problem - Income Elasticity of Demand,  Interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior; YED= +0.5 and YED= -2.5

  Positive balance of payment

Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."

  Effect of recession on the investment curve

Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.

  Affect of falling domestic investment on trade surplus and

How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.

  Crises in the banking sector and bank run

Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?

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