How were Japan China economically different from each other by the end of the 19 century

Choose three goods. Then predict whether they have elastic or inelastic demand at their current price. Next, determine their ela

gladu [14]

The price elasticity of a demand function measures the reaction of the quantity demanded by consumers after the price modification of a product. According to the law of demand, for normal goods, when the price of the product increases, the quantity demanded decreases, therefore there is an inverse relationship between price and quantity. Elasticity helps to assess the proportion of the modifications in the two variables.

Let's analyse the following three goods:

Gasoline, is a good with an inelastic type of demand curve. When there is a change in the price of gasoline, the quantity demanded by consumers decreases in a lower proportion than the price increase. There are no easily available susbtitutes that consumers could purchase instead of gasoline to cover the same need. The shape of this type of demand curve is represented by the first graph attached.
Cola, is a product with an elastic demand curve. When the price of a certain type/brand of cola drink increases its price, the quantity demanded of that product decreases in a larger proportion than the price increases. Consumers can easily switch and buy from a different cola brand or select a different type of soda drink to satisfy the same need. The shape of this type of demand curve is represented by the second graph attached.
Two vending machines located next to each other provide an example of a perfectly elastic demand curve. If the price of one of the two vending machines increases for the same product, its quantity demanded would be reduced to 0, as all consumers will switch to the other machine which is located only a few centimetres away. The shape of this type of demand curve is represented by the third graph attached.

7 0

3 years ago

What might be a far-reaching result if the court decided in favor of the speaker?

OverLord2011 [107]

Since the decision of the Speaker of the House, John William McCormack, was to ask the high chamber member Adam Clayton Powell Jr. not to take an oath, because of the previous scandal in which Powell had been involved; If the jury had decided in favor of Speaker McCormack, the way of operating in the congress would have been questioned, since only one member could be expelled according to what the constitution says, and not by the decisions of the speaker. The scope would have been very large if it failed in McCormack's favor, giving a sense of illegality or favoritism, and voters would feel that their representatives were not respected.

5 0

3 years ago

The time period from 1450 - 1650 was known as "the age of gunpowder empires" due to

Wewaii [24]

Answer: the new military technology.

Explanation:

5 0

3 years ago

How did Andrew Johnson's behavior in office influence the events of the reconstruction era

LUCKY_DIMON [66]

Andrew Johnson's behavior in office hurt the cause of the Reconstruction era, since he abandoned many of the more-liberal policies that he had trumpeted earlier, leading to a federal abandonment of the oversight process in the South.

hope this helps :)

6 0

3 years ago

The First Great Awakening in the American colonies

forsale [732]

The First Great Awakening in the American colonies was a religious and cultural movement that made people "re-discover" their connection to God, and brought to the forefront of society many important issues of the day, such as slavery.

4 0

4 years ago