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loris [4]
3 years ago
14

The price elasticity of demand for a good is likely to be less elastic​ __________.

Business
1 answer:
mariarad [96]3 years ago
4 0

Answer:

if a change in the price of the good brings about a much smaller change in the quantity demanded for the good.

Explanation:

<em>The price elasticity of demand is a measure of the change in the demand for a good in relation to a change in the price of the same good. </em>Mathematically, the price elasticity of demand for a product is represented as:

Price elasticity = change in the quantity demanded/change in price

The value of price elasticity of demand ranges from 0 to infinity. The price elasticity of demand is

  • relatively inelastic when the value is less than 1,
  • unitary elastic when it is equal to 1,
  • relatively elastic when it is greater than 1,
  • perfectly inelastic when it is equal to 0, and
  • perfectly elastic when the value is infinity.

<u>Less elastic price elasticity of demand is equivalent to relatively inelastic price elasticity. This thus means that the price elasticity of demand is less than 1; a percentage change in the price of the good brings about a disproportionately smaller percentage change in the quantity demanded for the good.</u>

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amm1812

Answer:

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Explanation:

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Xelga [282]

Answer:

Explanation:

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As far as Porter's five forces go, the most likely reason for the higher cable profits would have to do with brand equity and the lower propensity among buyers to substitute.

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statuscvo [17]

The entrepreneurial qualities that helps any businessman to be successful in his or her business are as follows:

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4) True and fair means of practices should be followed.

5) The entrepreneur should be accountable and responsible for the services provided by him.

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