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1 year ago

If demand for a good is inelastic, what would the demand curve for this good look like?

Business

1 answer:

Mandarinka [93]1 year ago

8 0

Downward sloping and relatively steep.

Demand for good is said to be inelastic when there is less change in quantity demanded due to more change in price.

If there is 5% change in price of the good or services , there will be less than 5 % change in quantity demanded.

Perfectly inelastic demand refers to the no change in the quantity demanded due to change in price .

Perfectly inelastic demand curve will be vertical straight line parallel to y axis.

some examples are essential items such as medicines , it is essential for life, so consumer will buy no matter what the price is.

To know more about perfectly inelastic:

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Consider golfers who led the Professional Golfers' Association of America (PGA) in winnings at different points in time. Note th

vova2212 [387]

Answer:

Professional Golfers' Association of America (PGA)

Winnings at Different Points in Time

Year Golfer Nominal U.S. CPI Winnings

Winnings (Dollars) (1983 = 100) in 2009 Dollars

1965 Jack Nicklaus 140,752 31.5 958,454

1970 Lee Trevino 157,037 38.8 868,156

1982 Craig Stadler 446,462 96.5 992,395

2009 Tiger Woods 10,508,163 214.5 10,508,163

Explanation:

a) Data and Calculations:

Year Golfer Nominal U.S. CPI Winnings

Winnings (Dollars) (1983 = 100) in 2009 Dollars

1965 Jack Nicklaus 140,752 31.5

1970 Lee Trevino 157,037 38.8

1982 Craig Stadler 446,462 96.5

2009 Tiger Woods 10,508,163 214.5 10,508,163

Calculating the missing values:

Year Golfer Nominal U.S. CPI Winnings

Winnings (Dollars) (1983 = 100) in 2009 Dollars

1965 Jack Nicklaus 140,752 31.5 958,454 (140,752*214.5/31.5)

1970 Lee Trevino 157,037 38.8 868,156 (157,037*214.5/38.8)

1982 Craig Stadler 446,462 96.5 992,395 (446,462*214.5/96.5)

2009 Tiger Woods 10,508,163 214.5 10,508,163

3 0

2 years ago

After considering current market conditions, an investor decides to place 60% of her funds in equities and the rest in bonds. Th

antoniya [11.8K]

Answer:

Asset allocation.

Explanation:

A basic decision that every investor must make is how to distribute his or her investable founds amongst the various asset classes available in the marketplace.

-Stocks

-Fixed income

-Cash equivalents

-Alternative assets

-Real estate

The strategic allocation is the proportion of wealth the investor decides to place in each of these asset classes. It is something also referred to as the investor´s long term normal allocation because it is presumed to be the baseline allocation that will remain in place until the investor´s life circumstances change appreciably.

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4 years ago

How can a person become a dentist

Shtirlitz [24]

Explanation:

It generally takes eight years to become a dentist: four years to earn a bachelor's degree as an undergraduate and four years to earn a DDS or DMD in dental school. If you're interested in specializing, you'll also need to complete a dental residency (more on that below).

brainliest please

8 0

2 years ago

Since commercial finance companies offer loans to higher-risk customers than commercial banks, the interest rates they charge ar

Bas_tet [7]

Answer:

The correct answer is (A)

Explanation:

Commercial finance is another way to generate funds, but they come with certain drawbacks compared to commercial banks. Commercial finance usually give loans to customers who are interested in more risky investments. The interest they charge is usually higher which can only be paid if a client invests in riskier investments to earn higher returns.

3 0

3 years ago

MaltHanks Inc., a leading American firm, starts its operations in China. It incurs a lot of additional costs in comparison to th

asambeis [7]

Answer: Liability of foreignness

Explanation: In simple words, the extra cost incurred by a company operating in a foreign country as compared to the local companies over there is called the liability of foreignness.

In the given case, the American company incurred extra cost in china due to their lack of local knowledge and discrimination from the locals.

Thus, from the above we can conclude that Malt hanks faced liability of foreignness.

5 0

3 years ago