Elastic.
This is
the formula for elasticity:
Elasticity
= (Quantity variation/Quantity)/(Price variation/Price)
Inelastic
demand is the one in which a variation in price doesn’t lead to an important
variation in the quantity bought by consumers. So, in the formula, numerator is
much smaller than denominator, so the fraction is lower than 1. That happens
with necessary goods (typically, food).
On the
contrary, elastic demand is the one in which a variation in the price leads to
an important variation in the quantity bought by consumers, and that means the
fraction is higher than 1. So if I sell the product at a lower price, I will
sell much more product.
Considering the formula:
R = P*Q, when demand is elastic,
I will
have much more sold quantity with just a little lower price, which leads to a higher
revenue.
Product Life Cycle, for which the stages include launch, growth, saturation and decline. Hope it helps!
False that just don’t make since lol
Answer: wages, tips and investment earnings
Explanation: I took the test
Answer: А. large, more heavily populated, economies like China
Explanation:
Larger countries like China and the US have a higher population which will mean that domestically, they produce quite a lot and so percentage wise would be able to rely less on foreign trade as they will produce a lot of things for themselves.
Smaller countries like Singapore however, will be unable to produce much of what they need and so will have to engage in foreign trade more than larger countries, percentage wise.
Mathematically speaking. Percentage wise, larger countries will rely less on foreign trade because foreign trade will be less compared to their large economies. The reverse is true for smaller countries.
