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slavikrds [6]
3 years ago
11

Other things equal, demand tends to be more __________ the more substitutes there are available, and more _________ when the hig

her the proportion of the consumer’s income spent on the good.
Business
2 answers:
melamori03 [73]3 years ago
6 0

Answer:

Elastic/ Inelastic

Explanation:

Price elasticity of demand is a tool use to measure in economics to show the elasticity, or responsiveness, of the demanded quantity of goods or services to increase in its price. When the price of a good or service changes, inelastic demand is when the buyer's demand does not change when the price of the good or service changes.

nasty-shy [4]3 years ago
5 0

Answer:

Elastic, inelastic

Explanation:

Other things equal, demand tends to be more elastic the more substitutes there are available, and more inelastic when the higher the proportion of the consumer’s income spent on the good

One of the factors determining the price elasticity of demand for the good is the number of substitutes. More substitutes equal to more elastic demand.

general, the more good substitutes there are, the more elastic the demand will be. For example, if the price of lux soap went up by $0.25, consumers might replace their soap with a cheaper brand. This means that lux soap is an elastic good because a small increase in price will cause a large decrease in demand as consumers start buying other brands instead of lux soap.

When demand for a good or service is static when its price or other factor changes, it is said to be inelastic. So when the price goes up, consumers will not change their buying habits. The same applies when the price goes down.

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The marginal revenue is the change in revenue because of selling an additional output. At high prices, the marginal revenue will be positive while at low prices it will be negative.

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