Write a discussion post that identifies real world goods

Reference no: EM133711058

Question: Write a discussion post that identifies real world goods or services that have elastic/inelastic demand.

Name a specific good or service that has inelastic demand (it has a steep demand curve).
Explain why quantity demanded does not change in response to an increase or decrease in price.
Then name a specific good or service that has elastic demand (it has a relatively flat demand curve).
Explain why quantity demanded does change a lot in response to an increase or decrease in price.

Reference no: EM133711058

Questions Cloud

While the price remained the same : Demand increases, but supply increased at the same time. Robb: Demand decreases, but supply is perfectly inelastic. Drogo: Demand decreases, but supply

Do you think the officer had probable cause to arrest val : An optional way you may start your response is: I (do not) think the officer had probable cause because.

What is the firms optimal ratio of labor to capital : What is the firms optimal ratio of labor to capital and Given the firm's $300,000 budget, how much capital and labor should the firm employ? How much output

Calculate their revenue and cost estimates : It is estimated that only 75% of the patients take their medicine regularly. Companies use this usage rate to calculate their revenue and cost estimates

Write a discussion post that identifies real world goods : Name a specific good or service that has inelastic demand (it has a steep demand curve). Explain why quantity demanded does not change in response

Why should be allowed to use ezekiel confession as evidence : Do you think that, according to the law, the court should be allowed to use Ezekiel's confession as evidence? Why or why not?

Do you think you can now buy more : However, the price of candy, your favorite treat, has also gone up by 20%. Do you think you can now buy more, less, or the same amount of candy with your

What you discovered and how you intend to use information : In your initial post, share with fellow students what you discovered and how you intend to use the information.

What is the net primary income from abroad for this nation : Compensation paid to domestic workers abroad: Rs. 100 million What is the Net Primary Income from Abroad for this nation in the given year

User Account

All Pages