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kherson [118]
2 years ago
6

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

Business
1 answer:
Mandarinka [93]2 years 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:

brainly.com/question/14450755

#SPJ4

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Which of the following statements is false?
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C

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3 0
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During the current year, Elk Company incurred the following direct labor costs: January $40,000 and February $60,000. Elk uses a
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Answer:

January Overheads are <u>under-applied</u> by $2,000.

Explanation:

When,

Actual overheads > Applied overheads we say overheads are under-applied.

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Where,

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Therefore,

Applied overheads (January) = 120% × $40,000

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Conclusion

It can be seen that from the above : Actual overheads : $50,000 > Applied overhead : $48,000, therefore overheads were under-applied.

Amount of under-applied overheads = $50,000 - $48,000

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5 0
3 years ago
Explain what the implications are to the Canadian economy if the brain drain is not stopped? Within the implications, consider t
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Answer:

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8 0
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