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SVEN [57.7K]
3 years ago
13

For each of the following products, indicate whether you believe demand will be relatively price elastic or relatively price ine

lastic. Give economic reasons for each reply. Remember that high demand does NOT imply high elasticity. High elasticity occurs if a change in quantity demanded is relatively large compared to the associated change in price regardless of how high the quantity demanded is to begin with. a. Mayonnaise in general b. A specific brand of mayonnaise c. Chevrolet automobiles d. Tesla automobiles e. Washing machines f. Beer
Business
1 answer:
insens350 [35]3 years ago
8 0

Answer:

Note that goods that are considered in general have a broad demand and goods with broad demand are inelastic as there are no substitutes for them. Goods that are specific by nature have narrow demand and have elastic demand because consumers can switch to others if the price is increased slightly.

Hence, Mayonnaise in general, Washing machines and beer have inelastic demand as there are no close substitutes. The remaining three, namely, specific brand of mayonnaise, Chevrolet automobiles and Tesla automobiles have elastic demand as there are substitutes and consumers/users will switch to others if the price is no more favorable.

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____ refers to experimenting with work first and then deciding on a path instead of doing all the ethical considering up front.
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3 years ago
The concept of market conduct includes such things as ____.
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Explanation:

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3 years ago
Suppose a person's utility is only a function of their consumption of diet soda and they do not care which brand, diet coke (dc)
Lera25 [3.4K]

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This $2,000 is therefore the slope of the activity.

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2 years ago
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