What is unit-elastic demand

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Reference no: EM133290285

Questions:

1. Elasticity of demand deals with the relationship between what TWO factors?

2. Elasticity of demand is also a way of measuring what?

3. What is elastic demand?

4. What is inelastic demand?

5. What is unit-elastic demand?

6. List some products with ELASTIC demand?

7. List some products with INELASTIC demand?

8. List one example of a good with FEW substitutes?

9. List one example of a good with MANY substitutes?

10. A)Define what a necessary good is. Give an example

11. Define what a luxury good is. Give an example.

12. How does the buyer's reaction to a PRICE CHANGE affect the demand for a good?

13. How does TIME affect a buyer's reaction to a good and the demand for a good?

14. How does an increase in price AND an elastic demand affect total revenue?

15. How does a decrease in price AND an elastic demand affect total revenue?

16. How does an increase in price AND an inelastic demand affect total revenue?

17. How does a decrease in price AND an inelastic demand affect total revenue?

Reference no: EM133290285

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