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4 years ago

When demand for a product changes because of its price, this product is said to be elastic.

Business

2 answers:

atroni [7]4 years ago

8 0

The answer is True

Explanation:

The demand for a product refers to the customers' desire or willingness to pay for it. In some cases the demand is affected by the price or a product, while in others the demand is stable, this factor is known as elasticity. According to the elasticity concept, a product is elastic if changes in its price lead to changes in its demand.

For example, cars are an elastic product because if prices of cars are low, there are more possible buyers and the demand increase; at the same time, if the price increases many people would abstain from buying a car and the demand would fall. Thus, it is true the product is elastic "When demand for a product changes because of its price".

IgorC [24]4 years ago

4 0

Answer:

When PED is greater than one, demand is elastic. This can be interpreted as consumers being very sensitive to changes in price: a 1% increase in price will lead to a drop in quantity demanded of more than 1%. When PED is less than one, demand is inelastic.

so it is true

Explanation:

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Which of these statements is false? A company comparison should not be made with industry averages if the company does not clear

ValentinkaMS [17]

Answer:

A company comparison should not be made with industry averages if the company does not clearly fit into any one industry.

Explanation:

In Business management, it is important to note that many companies will not clearly fit into any one industry.

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Any financial service sought after, should use its best judgment by analyzing and identifying which industry the firm best fits.

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3 years ago

When purchasing a dishwasher a manager can tell if it is in compliance with the regulatory authority by?

katrin2010 [14]

When purchasing a dishwasher a manager can tell if it is in compliance with the regulatory authority by? Appliances have to be compliant with federal regulations. To check if a dishwasher is in compliance, a manager can make sure there are NSF seals or ANSI certifications on the dishwasher.

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4 years ago

The term efficiency units of labor is the ____________. A. slope of the production function at the steady-state equilibrium po

Thepotemich [5.8K]

Answer:

The correct answer is b) Product of the number of workers and the level of human capital

Explanation:

The efficiency unit of labor is determinate as a product of the total number of workers in the economy, where the human capital is the best indicator of productivity

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3 years ago

How can the military support your career goals

Setler [38]

Answer:

you can get money to further your education, also engage in stem activities.

Explanation:

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3 years ago

Suppose the civilian non-institutionalized working age population is 35.9 million in Laborland.

DanielleElmas [232]

Answer: a. 24.05 million

b. 66.99%

c. 4.62 million

d. 19.21%

Explanation:

a. Total Labor force is the sum total of people who are employed and those who are actively looking for work. The Bureau of Labor Statistics defines actively looking for work as looking for work int he past 4 weeks.

= Part-time workers + full time workers + those who looked for work in the past 2 weeks + those who looked for work in the past 2 - 4 weeks

= 4.9 million + 14.53 million + 2.90 million + 1.72 million

= 24.05 million

b. labor force participation rate is the percentage of a country's non-institutionalized working age population that are actively looking for work. Its formula = $\frac{total labor force}{non-institutionalized working age population}$ X 100

Laborland's labor force participation rate (%) = $\frac{24.05 million }{35.9 million }$ X 100

= 66.99%

c. Unemployed People by the standards of the Bureau of Labor Statistics are the people who have looked for work in the past 4 weeks and are still employed. That is those who looked for work in the past 2 weeks + those who looked for work in the past 2 - 4 weeks.

= 2.90 million + 1.72 million

= 4.62 million

d. Unemployment rate is the percentage of the labor force that are actively looking for work and are still out of work.

Unemployment rate = $\frac{unemployed}{labor force}$ x 100

= $\frac{4.62 million}{ 24.05 million}$ x 100

=19.21%

8 0

4 years ago