Calculate the responsiveness of consumers, Microeconomics

Assignment Help:

The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity.  In other words, as price enhances (reduces), the quantity demanded by consumers will reduce (enhance).  The relative proportions of the changes in price and the respective quantities demanded are the responses of consumers and are referred to as the price elasticity of demand. 

 


Related Discussions:- Calculate the responsiveness of consumers

Supply, conditions for an abnormal supply curve

conditions for an abnormal supply curve

Indifference curve, explain the properties of indifference curve with the h...

explain the properties of indifference curve with the help of diagrams?

Creating mobile telephone infrastructure, Creating Mobile Telephone Infrast...

Creating Mobile Telephone Infrastructure: The second concept of subsidising the telecom infrastructure required for providing services in rural and remote areas is designed to

Why do demand curves generally slope downward, Why do demand curves general...

Why do demand curves generally slope downward?  The demand curve slopes downward because in general, the higher the price of the good, the fewer people will need to buy it.

Demand, Lynne’s income is $2, 000 and she is risk averse. The probability o...

Lynne’s income is $2, 000 and she is risk averse. The probability of someone slipping on her stairs is 1 8 . If this happens, she will be sued for $1, 000 and will have to pay that

Production, What are the factors that determine the volume of production?

What are the factors that determine the volume of production?

What was the degree of elasticity, A newspaper recently lowered its price f...

A newspaper recently lowered its price from 50 cents to 30 cents. As it did, the number of newspapers it sold increased from 240,000 to 280,000. i)   Over this price range what

Production theory, why constant return to scale is important

why constant return to scale is important

Equilibrium, Equilibrium is explained as follows: Equilibrium is the st...

Equilibrium is explained as follows: Equilibrium is the state in which there are no shortages and surpluses; or we can say that the quantity demanded is equal to the quantity s

Monopoly, causes for emergency of monopoly

causes for emergency of monopoly

Write Your Message!

Captcha
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