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dexar [7]
2 years ago
15

describes demand when a given change in price causes a relatively larger change in the quantity demanded

Business
1 answer:
kakasveta [241]2 years ago
4 0
Answer:




Explain: Demand is elastic when a change in price causes a relatively larger change in quantity demanded. Demand is inelastic when a change in price causes a relatively smaller change in quantity demanded. Demand is unit elastic when a change in price causes a proportional change in quantity demanded.
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1 year ago
Question 13 of 20
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he answer is : He likely did not cite his research, and committed plagiarism.  Todd's manager has asked him to write a report on ways to increase safety in the warehouse. Todd used the Internet to research statistics and recommendations for improving safety in the workplace. He feels like he pulled together a really strong document and that his manager will be pleased. However, when he is called into his manager's office, his manager is concerned and tells him that he has been unethical in his work.  He likely did not cite his research, and committed plagiarism.   It is the practice of taking someone else's work or ideas and passing them off as one's own.

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5 0
3 years ago
Determine the effect upon equilibrium price and quantity sold if the following changes occur in a particular market:a. Consumers
gtnhenbr [62]

Answer:

Explanation:

a. Consumer’s income increases and the good is normal. Equilibrium price stays same and quantity will rise

b. The price of a substitute good (in consumption) increases. Equilibrium price stays same and quantity sold will rise

c. The price of a substitute good (in production) increases. Equilibrium price stays same and quantity sold will rise

d. The price of a complement good (in consumption) increases. Equilibrium price rises and quantity sold will decline.

e. The price of inputs used to produce the good increases. Equilibrium price rises and quantity sold will decline.

f. Consumers expect that the price of the good will increase in the near future. Equilibrium price rises and quantity sold will also rise.

g. It is widely publicized that consumption of the good is hazardous to health. Equilibrium price declines and quantity sold will also decline.

h. Cost reducing technological change takes place in the industry. Equilibrium price declines and quantity sold will rise.

For each of the pair of events indicated below, perform qualitative analysis to predict the direction of change in either the equilibrium price or equilibrium quantity. Explain why the change is indeterminate.

a. Both a and h conditions occur simultaneously. This will raise the equilibrium since good is now cheaper to produce and consumer has more income to purchase it however effect on price will be dubious.

b. Both d and e conditions occur simultaneously. Equilibrium price rises and quantity will decline.

c. Both d and h conditions occur simultaneously. Dubious effect increase in price of complementary good and reduction in cost due to latest technology will offset each other’s effect and equilibrium will not change if the magnitude of both effects is the same

d. Both f and c conditions occur simultaneously Equilibrium price rises and Equilibrium quantity will also rise.

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3 years ago
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