All categories

3 years ago

In economics, if a good is inelastic

Business

1 answer:

IRISSAK [1]3 years ago

6 0

Explanation:

Let us understand the term what is elastic & "inelastic".

Elastic: It is the change in the behavior of the buyer & the seller when the product price changes.

Elastic goods will always have an substitute.

Example: Books, pencil, Notebook, bread, etc,

Inelastic means: This is opposite of elastic. There will be same number of buyers when the price goes up or down.

Whether the price gets raise or lower daily we need food. So food is inelastic.

Eg. food, prescription drugs, and tobacco products

You might be interested in

John and his wife Martha get a divorce. Per the divorce settlement contract, Martha agrees to pay John alimony in the amount of

OleMash [197]

Answer:

c) the condition subsequent has occurred;

Explanation:

Since in the question it is given that the John and his wife Martha get a divorce and according to the divorce settlement contract she agrees to pay the alimony to John for $5,000 per month for his lifetime or until that time when he should remarry

If John remarries after three years, so the alimony benefits is ceased because the subsequent condition has occurred due to which he will not get the amount further in the future

7 0

3 years ago

Consider the relationship between the AE curve and the AD curve. A rise in the amount of desired consumption, investment, gover

Rudiy27

Answer:

The response options are:

B) real national income and AE.

C) AD and real national income.

D) the price level and desired consumption.

E) the price level and the equilibrium level of demand-determined national income.

The correct answer is: E) the price level and the equilibrium level of demand-determined national income.

Explanation:

Aggregate demand is the total planned or desired expenditure in the economy as a whole in a given period. It is determined by the aggregate price level and by factors such as investment, public spending and money supply.

COMPONENTS OF THE ADDED DEMAND:

Consumer expenses of domestic economies. It is the main component of aggregate demand.

Investment expenditure of companies or domestic economies. It refers to the increase in the physical capital stock, including the accumulation of stock of companies.

Purchases of goods and services for public service. Component

important, includes, for example, national defense expenses, salaries of officials, infrastructure, construction, etc.

Foreign demand (international trade). They are net exports exports - imports). It is a component of the total demand for the goods of an economy. The trade flows of a country are an engine that drives the economy to better product levels.

7 0

3 years ago

The category that is generally considered to be the best measure of a company's ability to continue as a going concern is A. cas

saul85 [17]

Answer:

D. cash flows from operating activities

Explanation:

Operating activities include the functions of a business with respect to providing its goods and services to the market. Operating activities for a company include sales, manufacturing, marketing activities and advertising. The category that is generally considered to be the best measure of a company's ability to continue as a going concern is cash flows from operating activities.

8 0

3 years ago

1. A business acquaintance promises to deliver a $20 bill to you one year from today. How much should you be willing to pay toda

riadik2000 [5.3K]

Answer and Explanation:

The computation is shown below;

1. The willing amount to pay for the promise should be less than $20 that represents the time value of money

2. Now the present value is

= Received amount × discounting factor at 6% for 3 years

= $1,000 × 0.839

= $839

3. Now the interest rate is

As we know that

Future value = Present value × (1 + rate of interest)^number of years

$1,000 = $863.84 × (1 + rate of interest)^3

rate of interest =5% approx

6 0

3 years ago

Emily jones, a junior design artist with a studio called eye for design, was known to be very good at her job. she had a lot of

Thepotemich [5.8K]

Answer:

Lack of growth

Explanation:

Emily jones, a junior design artist with a studio called eye for design, was known to be very good at her job. she had a lot of experience from working on numerous projects and she often mentored new employees successfully. she was paid well and her colleagues and peers, some of whom emily knew for four years, appreciated her helpful and lively nature. it came as a surprise to everyone when emily resigned after the recent round of annual appraisals. during her exit interview, emily said that the only reason that she was taking this move was because she had a strong feeling that she was stagnant in her career. her reason for leaving is the lack of growth in her job in this company.

A strong feeling of being stagnant is normally a sign that the growth process has been truncated., because Emily didnt seem to be learning anything new

3 0

3 years ago