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poizon [28]
3 years ago
15

Consider some determinants of the price elasticity of demand: • The availability of close substitutes• Whether the good is a nec

essity or a luxury• How broadly you define the market• The time horizon being consideredA good without any close substitutes is likely to have relatively inelastic/elastic demand, since consumers cannot easily switch to a substitute good if the price of the good rises.A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the least elastic demand?a. Diamond necklaceb. Amputation procedures for diabetes sufferers
Business
1 answer:
kondor19780726 [428]3 years ago
8 0

Answer:

Inelastic demand, Amputation procedure

Explanation:

The good with no close substitute is likely to experience inelastic demand because the consumer does not any close substitute to change to, this means that even when price is increased, the consumer is not likely to stop buying if the good is a necessary good.

The Amputation procedure will have least elastic demand because the diabetes sufferer does not have close substitute to change to when price increase while Diamond necklace is a luxury good, when the price is increased the consumer stop buying or switch to other luxury goods such as gold, silver that are equally used for decoration purposes.

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Answer:

Grab some paper and wrap it around unchewed gum and do that for the amount of gum you want, Then put it in a small box.

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3 years ago
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According to the chart below, which sets of IQ scores fall in the bottom 50th percent of frequency?
lubasha [3.4K]
The green one
Because 65-69 is close to 50%
And the answer should be A
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Lacy's Linen Mart uses the average cost retail method to estimate inventories. Data for the first six months of 2021 include: be
faust18 [17]

Answer:

Best estimate for inventory =$70,764.85

Explanation:

The closing inventory value at retail

= (Opening inventory + Purchases - sales)  all in retail prices

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= 113000

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=70,764.85

Best estimate for inventory =$70,764.85

4 0
3 years ago
Suppose that a firm’s marginal production costs are given by MC = 10 + 4Q. The firm’s production process generates a toxic waste
SCORPION-xisa [38]

Answer:

A) Marginal private cost= 50

B) Total Marginal social cost to society = 70

Explanation:

A) In order to find the marginal private cost we will use the firms production cost formula as it is the private cost that the firm is enduring and is only relevant to the firm's cost and not the society's cost.

In order to find the marginal unit cost of the 10th unit produced will will replace Q in the formula by 10 as it represents quantity.

MC= 10 + 4Q

MC= 10 + 4(10)

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B) In order to find the marginal cost to society we will add the marginal external cost of the 10th unit to its private cost. We already know the marginal private cost is 50 now we need to find the marginal external cost to it to find the total marginal cost.

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The total Marginal cost to society= 50 + 20= 70

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3 years ago
Why are manufactured goods more valuable to the economy than services (select all that apply)
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The answer is no 2 and 4
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