1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
3241004551 [841]
1 year ago
5

If a buyer has a critical or more important use of the product then the inelasticity of the demand increases. what factor is aff

ecting elasticity in this scenario?
Business
1 answer:
Ghella [55]1 year ago
3 0

If a buyer has a critical or more important use of the product then the inelasticity of the demand increases, then it is the importance of the product affecting elasticity.

A product is considered inelastic if its demand remains static even if there is a significant price change. It is generally the basic necessity product that are considered as inelastic product. Inelastic demand of the product ensures the adequate supply of goods. In inelastic demand case the quantity demanded is same despite the change in price and the demand curve is graphed out as a vertical line. These goods have no substitutes ensuring the quantity demanded remains unaffected.

In case of fall in the price, the demand remains same, generating less revenue. On the other hand, if price hikes, the business earns significant profit.

To learn more about inelastic demand click here:

brainly.com/question/13572905

#SPJ4

You might be interested in
What is the term for the aesthetic that emerged with technological innovations and through mass media and entertainment, avoidin
Schach [20]

Group of answer choices.

a. Avant-Garde

b. Zeitgeist

c. Modern

d. Post-Modern

Answer:

c. Modern.

Explanation:

A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks etc.

According to the economist Philip Kotler in his book titled "Marketing management" he stated that, there are five (5) levels of a product. This includes;

1. Core benefit.

2. Generic product.

3. Expected product.

4. Augmented product.

5. Potential product.

The core benefit of a product can be defined as the basic (fundamental) wants or needs that is being satisfied, met and taken care of when a customer purchase a product.

Innovation typically involves the creation of a new product of any category such as automobile, building, phones, electronics, etc., that generates money for the innovators or manufacturers through purchase made by the end users (consumers).

Modern is the term used to describe an aesthetic (artistic goods or products) that emerged with technological innovations and through mass media and entertainment, avoiding any reference to past fashion, instead focusing on sleekness, banishment of frills, functional details, and performance and technical fabrics.

This ultimately implies that, the product isn't obsolete in nature but designed and developed to meet new tastes.

4 0
2 years ago
Adams Company sells a product whose contribution margin is $10 and selling price is $25.
Karolina [17]

Answer:

answer is b) False

Explanation:

given data

contribution margin = $10

selling price = $25

total fixed costs = $500

break-even point  = 100 units

solution

we get here Break even point that is

Break even point = \frac{fix\ cost}{contribution\ margin}   ...........1

Break even point = \frac{500}{10}

Break even point = 50 units

but we have given break-even point is 100 units

so answer is b) False

6 0
3 years ago
Advertising increases levels of consumer purchase of specific brands which in turn affects gross domestic product. T/F
jeka57 [31]

Answer:

The correct answer is False.

Explanation:

Advertising really tries to increase the purchase levels of products and services, not specific brands. Therefore, this statement is false considering that although all economic transactions affect GDP (positively or negatively), the advertising function is not aligned with its duty.

8 0
3 years ago
Read 2 more answers
According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was
solmaris [256]

Answer:

Credit to salaries payable of $364,500

Explanation:

There is important to undestand some vocabulary for business aproach.  

A credit to salaries are the amount that the companies owed to their employees.

3 0
2 years ago
Which of the following statements is true of needs assessment? Group of answer choices
Nuetrik [128]

Answer:

C. The role of the needs assessment is to determine if training is the appropriate solution

Explanation:

3 0
3 years ago
Other questions:
  • How would the market for smartphones be affected if the government charged an excise tax of $5.00 on each smartphone sold? quest
    14·1 answer
  • At the end of the accounting period, Isaac Company had a balance of $4,000 in its common stock account, additional paid in capit
    6·1 answer
  • If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 t
    9·1 answer
  • The Purchasing Policy Guidelines of the Southern Supply Inc. indicate that the company is committed to procuring its goods, prod
    7·1 answer
  • Mike takes a card out of his wallet at the grocery store and swipes it to pay for his groceries. What did Mike use?
    13·2 answers
  • Diehl Corporation manufactures a variety of parts for use in its product. The company has always produced all of the necessary p
    7·1 answer
  • Two different manufacturing processes are being considered for making a new product. The first process is less​ capital-intensiv
    8·1 answer
  • On November 1, 2021, Sandhill Co. places a new asset into service. The cost of the asset is $84000 with an estimated 10-year lif
    14·1 answer
  • I purchased my home for $297,000 in 2015. Today it is worth approximately $520,000. What has my compounded annual rate of return
    7·2 answers
  • For entrepreneurs, the closer the solution relates to the actual problem the customer is experiencing, the more likely that ther
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!