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Zielflug [23.3K]
3 years ago
7

If the demand for cell phone service is inelastic, then the quantity demanded does not change in response to changes in price. t

he percentage change in quantity demanded is greater than the percentage change in price (in absolute value). the percentage change in quantity demanded is less than the percentage change in price (in absolute value). the percentage change in quantity demanded is equal to the percentage change in price.
Business
1 answer:
jenyasd209 [6]3 years ago
8 0

Answer:

the percentage change in quantity demanded is less than the percentage change in price (in absolute value).

Explanation:

Inelastic demand is when the demand for a product remains relatively constant, even if its price changes. Goods and services considered essential have inelastic demand. Foods stuff and petrol will have a constant demand regardless of their price levels.

A small percentage change in the price of an inelastic good or service will have minimal changes in its demand. For example, drinking water is an essential commodity. A small change in its price will not have any significant change in demand because people will need to drink water regardless of its price. Therefore, a small percentage change in price causes a lesser percentage change in quantity demanded.

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ournalize the entries to record the following: June 1 Established a petty cash fund of $200. 30 The amount of cash in the petty
Keith_Richards [23]

Answer:

The journal entries are as follows:

(i) On June 1,

Petty cash A/c    Dr. $200

To cash                                 $200

(To record petty cash established)

(ii) On June 30,

Postage A/c             Dr. $25

Entertainment A/c   Dr. $100

Miscellaneous A/c   Dr. $20

To cash short and over A/c                 $2

To cash ($200 - $57)                           $143

(To record cash replenishment)                      

8 0
3 years ago
Many new restaurants have opened in Collegetown in recent years. Given this change in supply, what type of demand would result i
Darina [25.2K]

Answer: Inelastic demand

Explanation:

When new restaurants have opened in College town in recent years, the supply for restaurant meals increase. This will lead to a rightward shift in the supply curve for restaurant meals leading to a fall in the price and an increase in the quantity. The fall in price will be larger the more inelastic demand is.  When demand is more elastic then a fall in price will be less when supply increases.

7 0
3 years ago
In order to hold a hearing, the Superintendent must give how many days notice to the producer being investigated?
lorasvet [3.4K]
Not fewer than 20 days nor more than 30 days.
6 0
2 years ago
Which of the following factors cause a decline to both price and the quantity being sold?An increase in demand No change in dema
Rina8888 [55]

Answer:

The correct answer is: decrease in demand.

Explanation:

The equilibrium price and quantity are determined through the intersection of demand and supply curves.  

An increase in demand will cause the demand curve to move to the right. This will cause both the price level as well as quantity to increase.  

A decrease in supply will cause the supply curve to shift to the left. This will cause the price to increase and quantity to decline.  

A decrease in the demand curve will cause the demand curve to shift to the left. This will cause the price as well as quantity to decline.

7 0
3 years ago
Clancy is a bus driver who enjoys donuts and muffins. Suppose that the price of donuts increases. As a result, the purchasing po
FromTheMoon [43]

Answer:

INCOME EFFECT

Explanation:

Income Effect means change in real income/ purchasing power due to change in price, income staying same.

  • Price Increase reduces real income/ purchasing power, income staying same - because consumer can purchase less from same income.
  • Price decrease increases real income/ purchasing power, income staying same - because consumer can purchase more from same income.

Eg: Income, price of a consumer = Rs100, Rs10 respectively.

Real Income = Income/price = 100/10 = 10. Price fall to 8 increases purchasing power to 12.5 (100/8). Price rise to 12 decreases purchasing power to 8.3 (100/12).

Income Effect : stating - lower purchasing power at higher prices, reduces consumption of all goods and higher purchasing power at lower prices, increases consumption of all goods.

3 0
3 years ago
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