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elixir [45]
3 years ago
8

Which is an example of something that is inelastic?

Business
1 answer:
sweet-ann [11.9K]3 years ago
5 0
-Inelastic means that the consumers will still purchase the product at the same rate despite price changes.
-The answer would be cancer medication, because the consumer would still need to buy this regardless of price. Even if it puts them in a financial bind.
-When having your on a car or watch, if the price of that item increases, you could be less likely to buy it.
-When picking out a hamburger at a restaurant, the customer is most likely to by a cheaper burger if they are on a budget.
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Suppose Barry is maximizing his utility from consuming used paperback novels and audio books. The price of a used novel​ = $4 an
melamori03 [73]

Answer:

None of the answers is correct, it should be 64 utils

Explanation:

If Barry's utility from consuming a used novel is 32 utils and the book costs $4, he was able to get 8 utils per dollar (= 32 / $4).

If an audio book costs $8, then Barry should obtain $8 x 8 utils per dollar = 64 utils.

7 0
3 years ago
The negative relationship between the quantity of a good, service, or resource and the marginal utility obtained from each addit
BartSMP [9]

The negative relationship between the quantity of a good, service, or resource and the marginal utility obtained from each additional unit consumed in a given period of time describes diminishing marginal utility.

<h3>What is  diminishing marginal utility?</h3>

Marginal utility is the increase in utility as consumption is increased by one unit.

According to the law of diminishing marginal utility, as more of a product is consumed, utility increases at a diminishing rate. Economic theory suggest that consumption is maximised when marginal utility is equal to marginal revenue.

To learn more about  diminishing marginal utility, please check: brainly.com/question/13998299

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1 year ago
Please help will give brainliest
skad [1K]

Answer:

Art Direction - first choice

6 0
3 years ago
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Which of the following is a characteristic of a public good?
Rudiy27
The answer is B trust me
5 0
2 years ago
7. Farmer sells flour to a baker for RM2. The baker uses the flour to make bread, which is sold for RM3. What is the total contr
erica [24]

Answer: RM3

Explanation:

Gross domestic product has to do with the monetary value of the goods that are produced in a particular economy. In this case, the total contribution will be RM3 since it's the final amount that the bread is sold.

It should be noted that RM2 in this case is the intermediate good and should therefore bit be included so that there won't be an overstatement of the GDP and to prevent double counting.

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3 years ago
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