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yuradex [85]
1 year ago
7

Consider some determinants of the price elasticity of demand: The availability of close substitutes Product's share of the consu

mer's total budget A good with many close substitutes is likely to have relatively demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises. The price elasticity of demand for a good depends on the price relative to consumers' income. Which of the of flowing goods has the most elastic demand? Shoes Car Swing set Coffee
Business
1 answer:
frez [133]1 year ago
7 0

The main factors influencing a commodity's price elasticity of demand are as follows: 1. The presence of substitutes 2. The sum of consumer spending 3. The Products' Complementarity.

The main factors influencing a commodity's price elasticity of demand are as follows: 1. The presence of substitutes 2. The sum of consumer spending 3. A product's number of applications 4. The Products' Complementarity 5. Time and elasticity. The most important factor influencing price elasticity of demand is the availability of diverse kinds and quantities of substitutes for a particular commodity or service. If a commodity has close substitutes, its demand is probably elastic. The demand for such an item will be greatly diminished if its price rises because consumers will switch to similar substitutes.

With increasing substitutability, something's price elasticity of demand rises.

To know more about consumer click here:

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Nancy would like to double the money in her retirement account in five years. According to the rule of 70, what rate of interest
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Answer:

70/annual percentage

70/5=14

Explanation:

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2 years ago
In the classic downward-sloping demand curve, as price increases, the demand for the product or service
vesna_86 [32]
The demand for a product or service would likely decrease as price increases as far as the classic downward-sloping demand curve is concerned. In addition, this specific type of demand curve characterises increase of consumer demand as the price significantly falls. 
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3 years ago
Which of the following statements is FALSE?
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3 years ago
At the equilibrium level of income in the Keynesian model, which of the following statements is nottrue?
ZanzabumX [31]

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c. There are more unemployed resources.

Explanation:

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7 0
3 years ago
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zubka84 [21]

Answer:

D. Ensure that she credits the loan amount accurately to the customer’s account

Explanation:

Financial institutions are companies that offer a wide range of monetary and financial services to various customers. The financial institutions include; commercial banks, brokerage firms, investments firms and currency exchange companies. The services offered are; cash deposits and withdrawals, loans, investment services and currency exchange services.

These services can be offered to individuals or even companies that might need a wide range of financial services. In order for these services to be conducted in an orderly fashion, the services offered have to be regulated. This means that the service providers and the customers have to operate within a legal threshold. A knowledge of the legal responsibility of each party is therefor important in these type of environment.

In our case, the legal responsibility of Erin who works as a representative of the financial institution would be to ensure that she credits the loan amount accurately to the customer's account since Erin had already approved the customer's housing loan.

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