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.
<u>Let's analyse the following three goods:</u>
- 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. <em>The shape of this type of demand curve is represented by the first graph attached.</em>
- 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. <em>The shape of this type of demand curve is represented by the second graph attached.</em>
- 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. <em>The shape of this type of demand curve is represented by the third graph attached.</em>
Answer:
The constitution limits the action of government by specifically listing power it does not have.
A type of government in which its functions and powers are prescribed, limited, and restricted by law.
The power of government to intervene in the exercise of civil liberties is restricted by law, usually in a written constitution its c
Explanation:
Answer: a
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Years ago Native Americans discovered what they believed was a gold mine. They noticed a herd of 30 to 60 million Buffalo's roaming the plains. The Native Americans hunted the buffalo so they can maintain an accurate amount of food. By the 1700's the Native Americans tamed some of the buffalo, which made hunting easier. The Native Americans moved with the herds so they can have a good supply of food. The Native people used different methods of hunting. One method use is called the Dog Soldier. A group of Native people who are called this, push some of the herd over a cliff so some of the animals would die. During winter they would chance the larger animals onto frozen lakes and slaughter them. The ice made it difficult for the buffalo to run. Warriors did the killing. The woman were responsible for getting the meat. The rest of the buffalo was used for clothing, shelter and weapons. Native American knew that their survival depended on the buffalo. They never killed too many. They only killed wanted they needed and celebrated the life of the buffalo after.
1. The idea of America expanded from the Atlantic Ocean to the Pacific Ocean is known as Manifest Destiny. This idea shaped the federal governments policy for almost the entire 19th century.
2. The Kansas-Nebraska Act was a law that allowed citizens to vote on slavery. This was introduced by Stephen Douglas .
3. Runaway slaves were brought back to their owners thanks to the Fugitive slave law.
4. The Dred Scott case concluded that slaves were not people, they were property. The lead judge in the case was Roger Taney .
5. Uncle Tom's Cabin was a famous book written by Harriet Beecher Stowe.
6. Robert E. Lee was the person who captured John Brown.
7. Frederick Douglass was a leading abolitionist in American society.
