If the market for a good that sees its production costs and prices rise is inelastic, the quantity demanded will not change.
<h3>What is inelastic demand?</h3>
A good that has inelastic demand is one that will not see its demand change much when there is a price change.
This means that demand remains more or less the same even if prices rise. Examples of such goods are water and food. The product above will therefore not see its demand change by much.
Find out more on inelastic demand at brainly.com/question/24384825.
Answer:
The remaining useful life of the asset is = 10 - 3 = 7 years
Explanation:
The straight line method of depreciation charges a constant depreciation expense through out the useful life of the asset. The formula for depreciation expense under this method is,
Depreciation expense = (Cost - Salvage value) / Estimated useful life of the asset
Plugging in the values for depreciation expense per year, cost and salvage value, we can calculate the total expected life of the asset.
5000 = (53000 - 3000) / estimated useful life of the asset
estimated useful life of the asset = 50000 / 5000
estimated useful life of the asset = 10 years
As the accumulated depreciation balance is of 15000, the depreciation for 15000/5000 = 3years has been charged.
The remaining useful life of the asset is = 10 - 3 = 7 years
According to the theory of the invisible hand, when there is competition, self-interested decisions advance the society interests.
<h3>What is the invisible hand theory?</h3>
Adam Smith, a Scottish philosopher and economist, popularized the metaphor of the "invisible hand" to describe the processes by which positive social and economic consequences may result from the collective self-interested acts of individuals, none of whom intend to produce such outcomes.
<h3>How is Adam Smith's invisible hand idea still applicable today?</h3>
An important economic idea that is still relevant today is the invisible hand theory. It may provide insight into the operation of free markets and consumer behavior. Although the idea is significant, it is frequently applied in ways that are inconsistent with Smith's original text or out of context.
<h3>What exactly is the "invisible hand" and why is it significant?</h3>
The term "invisible hand" describes how an individual's self-interests help society as a whole. In other words, through pursuing the profit motive, individuals are required to offer commodities at a cost that others are prepared to pay. Society gains as a result since those goods might not have been created otherwise.
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Answer:
Perfectly Inelastic
Explanation:
Demand can be defined as the total quantity of a commodity which a consumer is willing and able to buy at a particular time and price.
There are several types of elasticity of demand a perfectly elastic demand is one that quantity remains the same regardless of a change in price