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Kruka [31]
3 years ago
11

Indicate whether the demand of below goods is elastic or inelastic. Think about each good in terms of the typical person's quant

ity demanded.
a. Cocoa Pebbles cereal
b. Tropicana orange juice
c. fast food in the food court at the mall
d. blood pressure and diabetes medication
e. public water and other utilities
f. cigarettes if smoke 3 packs a day
Business
1 answer:
dexar [7]3 years ago
3 0

Answer:

Elastic Demand : a , b , c  

Inelastic Demand : d , e , f

Explanation:

Demand Elasticity is responsiveness of quantity demanded to price change. If demand responds more to price change, Demand is Elastic. If demand responds less to price change, Demand is Inelastic.

If goods have non necessary consumption or/ & have more substitutes, its demand can be reduced or shifted to other alternatives easily. So, such demand is Elastic. If goods have necessary consumption or/& have less substitutes, demand can be reduced or shifted to other alternatives easily. So, such demand is Inelastic.

a, b , c : 'Cocoa' Pebbles cereal, 'Tropicana' Orange Juice, Fast food in mall food court - Are single brands or sellers of a good among many competitors, so scope of substitution make their demand elastic.

d , e , f :  blood pressure and diabetes medication, public water and other utilities - are necessity goods and cigarettes if smoke 3 packs a day - implies the person is addicted to its consumption. So, their demand is Inelastic.

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Answer: True

Explanation:

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The marginal cost is the extra cost that a producer incurs when an extra unit of a product is made. Economic decisions made by economic agents are typically based on marginal as it'll be possible to know the impact of an extra decision made on a variable.

Therefore, it is better to evaluate economic decisions at the marginal, where the decision has to be made as long as its marginal benefit exceeds its marginal cost, if not equal to its marginal cost.

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5. Complacency  

9. Lack of knowledge  

2. Distraction  

6. Lack of teamwork  

10. Fatigue  

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7. Pressure  

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4. Stress  

8. Lack of awareness  

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Explanation:

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WINSTONCH [101]

Answer:

2) the time consumers save when purchasing goods there.

Explanation:

Their name explains everything. A convenience store is a store where someone can go and purchase goods easily and without any type of difficulty.

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Answer:

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The journal entry is shown below:

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