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tatiyna
3 years ago
10

Price elasticity for a good depends on the share of a consumer's budget spent on a good. Other things being equal, which of the

following goods has the most elastic demand? Fish food Monthly cell phone bill Thumbtacks
Business
1 answer:
kvasek [131]3 years ago
4 0

Answer:

Monthly Cell Phone Bill

Explanation:

Other things being equal, the higher the price of a good relative to a consumer's income, the greater the price elasticity of demand. Hence, the price elasticity of demand for low-priced items, such as thumbtacks and fish food, tends to be lower than the price elasticity of demand for relatively expensive items, such as monthly cell phone bill, that represent a more significant fraction of a consumer's annual income.

Be sure to consider not just the price, however, but also the overall portion of a consumer's annual income spent on an item. For example, one latte costs only $3.00, but for daily coffee drinkers the annual expense could be around $1,000. The elasticity of demand for lattes is therefore likely to be higher than that for other low-priced items (such as thumbtacks) that may need to be purchased only a few times annually.

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If you have an income of $18 to spend, and if commodity 1 costs $3 per unit and commodity 2
vova2212 [387]

Answer:

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3 0
3 years ago
Suppose that a firm makes two products, A and B. The sales mix in units for the period is 70% for A and 30 % for B. If the unit
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