Elastic.
This is
the formula for elasticity:
Elasticity
= (Quantity variation/Quantity)/(Price variation/Price)
Inelastic
demand is the one in which a variation in price doesn’t lead to an important
variation in the quantity bought by consumers. So, in the formula, numerator is
much smaller than denominator, so the fraction is lower than 1. That happens
with necessary goods (typically, food).
On the
contrary, elastic demand is the one in which a variation in the price leads to
an important variation in the quantity bought by consumers, and that means the
fraction is higher than 1. So if I sell the product at a lower price, I will
sell much more product.
Considering the formula:
R = P*Q, when demand is elastic,
I will
have much more sold quantity with just a little lower price, which leads to a higher
revenue.
The federal government budget each year is considered to run from October 1 of one calendar year through September 30 of the next.
The federal government budget in the United States each covers three major spending categories.
These spending categories include the following:
- The federal agency funding: this is often referred to as "discretionary spending."
- Interest on the debt: a maximum of 10% of the total funding.
- Funding for Social Security: this is often referred to as Mandatory spending. It covers activities like Medicare, veterans benefits, etc.
Hence, in this case, it is concluded that the federal government budget each year is used to run the country's affairs.
Learn more here: brainly.com/question/18085402
Photo of the foods and put the price and name of it
