An elastic products prices are responsive to changes in demand. Generally, the necessity of the product is related to it's elasticity. For example, insulin is essential for diabetics, so the price is extremely inelastic—people will pay any amount because it is a life or death situation. The price of a new MP3 player can be inelastic, especially because results show that people want the newest thing, and will pay more if it works better than the previous model. Additionally, the price of "scalper" tickers to the World Series will increase by demand, but they will still sell regardless. The price of dairy products, however, is rather elastic; this is because when the price rises, people switch to a cheaper brand. The difference between an inelastic and elastic product is that elastic products have substitutes, whereas inelastic products have no substitutes (or sometimes very few).
Answer: A. the price of dairy products
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Answer:
The correct answer is A
Explanation:
EOQ stands for Economic order quantity, it is the model which evaluated or determine the amount to order by using the assumptions that cost per unit of the items purchased which remain fixed irrespective of the number of the units ordered.
The quantity discount model that investigates the aggregate annual inventory costs with and without discounts. The main motive of EOQ with the quantity discount model is to minimize the total of the purchase, annual carrying and holding cost.
Answer: There will be a shift in the demand curve to the right.
Explanation:
A booming economy is a peak phase in the business cycle when there is rapid economic expansion which results into higher GDP, higher inflation rate, lower unemployment and rising asset prices.
When investors in the stock market expects a booming economy and an increase in the prices of stocks, the demand curve will shift outwards that is, the demand curve will shift to the right. This means that investors will buy more stocks because they are expecting a price increase.
This is graphically shown below
Answer:
personal care service workers because they know what they are doing and are good