If a buyer has a critical or more important use of the product then the inelasticity of the demand increases, then it is the importance of the product affecting elasticity.
A product is considered inelastic if its demand remains static even if there is a significant price change. It is generally the basic necessity product that are considered as inelastic product. Inelastic demand of the product ensures the adequate supply of goods. In inelastic demand case the quantity demanded is same despite the change in price and the demand curve is graphed out as a vertical line. These goods have no substitutes ensuring the quantity demanded remains unaffected.
In case of fall in the price, the demand remains same, generating less revenue. On the other hand, if price hikes, the business earns significant profit.
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Answer:
market trends change constantly, funding fall through, business partners flake, and ideas may go wrong
Supply<span> is more price </span>elastic<span> in the long run. </span>Supply<span> is more price </span>inelastic in the short run<span> because it's simply not as great.</span>
Answer:
97 days
Explanation:
In simple interest method, the interest is calculated by the following formula
I= P x R x T
I= interest
P = principal amount
R =interest rate
T= Time
In this case
I=$16
P=$1500$
R= 4% or 0.04%
T= time
$16= $1500 x 0.04 x Time
$16 =60 x Time
Time = 16/60
time = 0.2666 year.
time in days = 0.26666 x 365 days
=97.333 days
=97 days
Answer:
Here is how to find the equilibrium price of a product:
Use the supply function for quantity. You use the supply formula, Qs = x + yP, to find the supply line algebraically or on a graph. ...
Use the demand function for quantity. ...
Set the two quantities equal in terms of price. ...
Solve for the equilibrium price.