Tend to have lower price elasticity of demand

Assignment Help Business Economics
Reference no: EM131083567

Select all of the following that would tend to have lower price elasticity of demand.

Goods that have many near-equivalents.

Goods that are needed for survival.

Goods that are relatively unique.

Goods that we have a long time to make decisions about.

Reference no: EM131083567

Questions Cloud

Fixed cost of production and average cost of production : Suppose you are the owner of a pizza restaurant operating in a competitive market. Your cost of production is given by TC (Q)= 500+9Q-7/2Q^2+1/3Q^3, where q is the number of pizzas and TC is the total cost. What is the variable cost of production, fi..
Difference between the opening bell and closing bell prices : Over the course of a day, the stock price of a widely traded company can be modeled as a Brownian motion process where X(0) is the opening price at the morning bell.
External rate of return from switching to reclaimed water : Suppose that Dr. Stone brewery could use recliamed municipal water waste water to make beer instead of the municipal water that is currently being used. this will help conserve limited fresh water resources and reduce the brewery's annual water bill...
Calculate the standard deviation of the slope and intercept : Calculate the standard deviation of the slope and intercept.
Tend to have lower price elasticity of demand : Select all of the following that would tend to have lower price elasticity of demand.
If an economy is producing inefficiently : If an economy is producing inefficiently, it is
Irrational behavior on three levels that caused the crisis : To this end how could the Mortgage crisis of the 2000's been avoided if the market was truly efficient and highlight the irrational behavior on three levels that caused the crisis.
Mention communication problems in company : For example, you can constructcommunication problems for the company, even though the scenario above does notspecifically mention communication problems in the company. Or you can construct hiringproblems and weaknesses if you would like to.
What is the total cost producing widgets : What is MPL, MPK, APL, APK? How much labor and capital would be required to minimize the cost of producing 200 widgets? What is the total cost producing 200 widgets?

Reviews

Write a Review

Business Economics Questions & Answers

  Estimate the difference in consumer surplus between parts

For each firm within an industry, T = X(X - 1)2 + 25X; where T is the long-run cost of the firm, and X is the firm's level of output. For the industry as a whole, Y = 34 - p; where Y is total consumer demand for the industry's product, and p is the p..

  What will be this monopolist total economic profit

What price will the firm charge in each market? Based solely on these two prices, which market has the higher price elasticity of demand? What will be this monopolist's total economic profit?

  Determine the optimal number of units to put in a package

A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 60 - 0.25P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..

  Q patricia is researching venues for a restaurant business

q. patricia is researching venues for a restaurant business. she is estimating 3 chief features that she considers

  Short run model of exchange rates determination

The following report appeared in the New York Times on August 7, 1989: “A soft landing would not force the Federal Reserve to push interest rates sharply lower to stimulate growth. Interpret this paragraph using the short run model of exchange rates ..

  Illustrate what means do they use to hedge against exchange

Illustrate what means do they use to hedge against exchange rate risk. Using this information.

  Determine whether it is better to rent or own

tax consequences of owning, and determine whether it is better to rent or own. This is an example of the hidden-cost fallacy.

  Developing countries often claim that growth and trade

Developing countries often claim that growth and trade have left them no better off or perhaps worse off. How might you explain this result theoretically? Could this result obtain if the countries tended to be relatively small? Why or why not?

  Replace human labor entirely with robotic inputs

Under the cost minimization rule, when will a firm employ only human labor? Why does the cost minimization rule suggest that it is unlikely a firm actually would replace human labor entirely with robotic inputs?

  According to the in the news

In the News: Joe Camel Acquires Newport In a widely anticipated move, Reynolds American, producer of best-selling brand Camel, announced yesterday that it has agreed to buy Lorillard, maker of Newport, the number 1 menthol cigarette. What were the va..

  Is there a systematic relationship

Using the World Bank classification of countries, select countries from the different categories and examine the data on output growth and education level. Is there a systematic relationship?

  Mainly profit-center divisions

A large electronics company is organized into mainly profit-center divisions. The components division and the consumer electronics division are profit-center divisions of the company. The components division produces individual chips and other electr..

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