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3 years ago

What is the effect of a 10 percent price increase on quantity demanded if elasticity is infinite?

Business

1 answer:

Julli [10]3 years ago

4 0

Answer:

Demand drops to zero

Explanation:

Infinite elasticity of demand is also called perfect elasticity of demand.

In this scenario the demand for a product is attached to it's price.

There is an infinite change in the quantity demanded as a result of change in price.

Graphically it is a horizontal demand curve as represented in the attached

Even a small increase in price will cause demand to fall to zero.

Examples are luxury goods such as high end cars and expensive jewelry.

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Concord Corporationreported the following year-end information: beginning work in process inventory, $250000 cost of goods manuf

anastassius [24]

Answer:

$228,000

Explanation:

Beginning work in process inventory, $250000

Cost of goods manufactured, $866000

Beginning finished goods inventory, $292000

Ending work in process inventory, $270000

Ending finished goods inventory, $314000

Cost of Goods Sold = Beginning work in process inventory + Beginning finished goods inventory - Ending finished goods inventory, $314000

Cost of Goods Sold = $250,000 + $292,000 - $314,000

Cost of Goods Sold = 228,000

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3 years ago

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Ivanshal [37]

Answer:

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2 years ago

A decline in the real GDP that occurs for at least two or more quarters is called a _______. a. recession c. recovery b. depress

vagabundo [1.1K]

A decline in the real GDP that occurs for at least two or more quarters is called a depression. The correct option among all the options that are given in the question is option "b". There is a very thin line of difference between recession and depression. when the real GDP falls for a repeated number of periods, then it is depression.

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3 years ago

Ferret boy names NO HUMAN NAMES (chase, rick, bob, george, etc)

DaniilM [7]

Answer:

jimmy

Explanation:

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2 years ago

Read 2 more answers

What is the difference between the personal contact model of communicating on the Web and the mass media approach?

stellarik [79]

Answer:

Social media relates to all the technology that makes information sharing possible via the Internet. It is largely based on subject matter that users create and share.

Explanation:

Mass media approach: One-to-many

Personal contact approach: one-to-one.

Difference: Sellers are involved in mass media; buyers exchange information passively. Seller and buyer are both active on PC.

It is also the primary communication means used to meet the vast majority of the population. Newspapers, journals, radio, TV and the internet are the most prominent mass media channels.

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3 years ago