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
CaHeK987 [17]
3 years ago
6

Please explain what is the difference between a change in demand versus a change in quantity demanded? Why is it so important to

differentiate between these similar-sounding terms? What role do elasticities play in the decisions that individuals and firms make? Consider a product you recently purchased – please state the product, and explain if you feel its demand is elastic, or inelastic, and why.
Business
1 answer:
zmey [24]3 years ago
6 0

A change in demand means a shift in a consumer's desire to a particular good or service irrespective of price variations while a change in the quantity demanded explains a change in the amount of goods or services a consumer is willing purchase largely influenced by the demand price. It has become important to differentiate between this terms as they sound alike representing different meanings in economics. Price elasticity of demand influences the choices individual and firms make as it goes to show if the demand for a particular amount of goods will drop sharply or if the demand would remain same even as price increases. A perfect example is currently the issue of protective gears used to forestall the spread of the ravaging Covid-19. The demand for Face masks have increased as both individuals and health care givers need them with the latter requiring them the most. The increased demand has also seen to the increase in price and this does not affect the amount demanded as the price continues to increase following its rise in demand. This explains the inelasticity of demand.

You might be interested in
Which protects a peaceful political organization from having to report its membership to the government?
tigry1 [53]
<span>Right of association-Gradpoint</span>
3 0
3 years ago
Read 2 more answers
The inventory turnover measures:
pashok25 [27]

Answer:

The average number of times inventory is sold during the period.

Explanation:

Inventory turnover by definition is the relationship between inventories and the cost of goods sold by a firm. It measures on average, how many times the inventory was restocked and sold in the operating period.

A higher number usually suggests a healthier operation cycle for a business.

It is measured by,

Inventory turnover = Cost of goods sold / Average inventory

Option 1 and Option 3 are related to the performance of accounts receivables. Option 3 is the closest to above mentioned definition. Option 4 is only measuring the inventory clearance time.

Hope that helps.

7 0
3 years ago
Sue is a small business owner who often gives gifts to clients. She gives a $40 gift to her client, Mr. Smith, and his wife. Sue
PilotLPTM [1.2K]

Answer:

D) $801

Explanation:

Businesses can only deduct $25 per gift per client, in this case the client's wife is not an actual client, so Sue can only deduct $25 for the gift plus the wrapping expenses. She can also deduct the $400 spent in the calendars and the $370 watch.

Sue's total deductions = $25 + $6 + $400 + $370 = $801

8 0
3 years ago
Eggs, toilet paper, and candy bars are examples of what kind of good?
lawyer [7]
Its convenience goods
6 0
4 years ago
Read 2 more answers
If labor market institutions change so that it becomes easier to find a job, and unemployed people are unemployed for smaller du
Natasha_Volkova [10]
<span>The natural rate of employment would decline, because people would have better chances at finding a way of employment. This would help cut costs in government aid and help people feel more self-sufficient and secure in taking care of their families.</span>
7 0
3 years ago
Other questions:
  • Over 2 years, how much more does $2000 in a savings account with an APR
    10·2 answers
  • When preparing a speech introduction, you should usually?
    9·1 answer
  • New equipment was purchased by Hunter Corporation at a list price of $94,000, with credit terms of 2/10, n/30. Payment was made
    6·1 answer
  • Simko Company issued $750,000, 8-year, 6 percent bonds on January 1, 2018. The bonds were issued for $710,000. Interest is payab
    13·1 answer
  • e−Bay Inc. provides the following information for the year​ 2015: Net income ​$250,000 Market price per share of common stock ​$
    6·1 answer
  • Seller Jones signed an exclusive right to sell listing on her home with Muller Realty for $155,000 at a commission rate of 5% to
    13·1 answer
  • R. J. Graziano Wholesale Corp. uses the LIFO method of inventory costing. In the current year, profit at R. J. Graziano is runni
    8·1 answer
  • uppose that the resource base in Country X can produce either 100 units of alpha or 300 units of beta. Similarly, suppose that C
    7·1 answer
  • The Southern Bell Company manufactures 2,000 telephones per year. The full manufacturing costs per telephone are as follows:
    10·1 answer
  • Which statement about credit and debit cards is NOT true? *
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!