The short-run price elasticity of demand will be inelastic and the short-run price elasticity of supply will be inelastic.
Elasticity of demand measures the relationship that exists between price and quantity demanded.
Elasticity of supply measures how quantity supplied changes when there is a change in the price of a good.
<u><em>Types of elasticity.</em></u>
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Elastic demand (supply): This means that demand (supply) is sensitive to price changes
- Inelastic demand (supply): this means that demand (supply) does not respond to price changes. The coefficient of elasticity is less than one.
- Unit elastic demand (supply): demand (supply) changes in equal proportion. The coefficient of elasticity is equal to one.
<em><u>Factors that affect elasticity </u></em>
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The number of substitutes the good has: the more substitutes the good has, the more elastic demand is.
- The length of time: demand (supply) is inelastic in the short run. In the short run, producers (consumers) do not have enough time to find suitable substitutes. In the long run, producers would have more time to search for suitable substitutes or shift to the production of other goods when compared with the short-run.
- Ease of entry or exit into an industry: the more easy it is for firms to enter into an industry, the more elastic supply would be.
To learn more about elasticity of demand, please check:
Answer: Statement B and D
Explanation:
Option A : cellphone communication companies and the respective authorities of the countries in which they operate have their own legal restrictions and policies regarding cellphone communication.
Option C : Mobile tapping and on call recording crimes are common these days so cellphones cannot be considered completely confidential and not prone to misuse .
Answer:
These two statements are correct:
A. Businesses and jobs rely most strongly on consumer demand.
B.Government regulation is necessary to stabilize the economy.
Explanation:
The first statement is correct because John Maynard Keynes that demand was the most important side of the economy, not supply. This is why his policies are sometimes referred to as "demand-side economics", while the policies of many of his detractors, such as Milton Friedman, are referred to as "supply-side economics".
The second statement is also correct because Keynes believed that a market economy was naturally subject to business cycles: cycles of boom and bust that could either benefit millions, or harm millions. Keynes thought that the government should regulate the economy in order to lessen the effect of those cycles.
Nowadays, finding a job is hard, which is the reason such a variety of individuals swing to hiring offices. Working for an employment Agency gives you the chance to make a wage for a specific sum a period and could prompt a full-time position. It additionally allows you to pick up involvement in a field you need to get into or simply pick up involvement as a rule. It is helpful to the organization too in light of the fact that it gives them individuals to fill in for representatives who might be on leave and it likewise gives the organization more prominent staffing adaptability. Another incredible professional of employing temps is an organization manufactures an association with hiring offices. This can be useful on the grounds that all the organization needs to do is tell the office what they require, and the office finds the individual.
Answer:
84%
Explanation:
APR is the annual rate of interest that is paid on an investment, without taking into account the compounding of interest within that year. APR is calculated by multiplying the periodic interest rate by the number of periods in a year in which the periodic rate is applied.
Divide the finance charge by the loan amount. In this case, $3,400 divided by $24,500 equals 0.138
Multiply the result by 365 to get 50.4
Divide the result by the term of the loan. In this case, 50.4 divided by 60 is 0.84
Multiply the result by 100 to turn the answer into a percentage 84%
