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.
To learn more about inelastic demand click here:
brainly.com/question/13572905
#SPJ4
Answer:
option (d) $200.00
Explanation:
Average total cost for 100 pairs = $2.50
Marginal cost for every pair = $10.00
Now,
Total cost = Fixed cost + Variable cost
or
Fixed cost = Total cost - variable cost
or
Fixed cost = (Average total cost × 100) - (Marginal cost × 100)
= ($2.5 × 100) - ($1 × 100)
= $250 - $100
= $150
thus,
Total cost to produce 50 pairs of oven gloves
= fixed cost + variable cost
= $150 + (50 × $1)
= $150 + $50
= $200
Hence,
option (d) $200.00
No. They are not the same.
Pls mark brainliest.
Answer:
Correct Option is (A) U=min{2B,P}
Explanation:
The solution and complete explanation for the above question and mentioned conditions is given below in the attached document.i hope my explanation will help you in understanding this particular question.
