Elastic demand Study guides, Class notes & Summaries

Define elasticity: Correct Answer-A dimensionless measure of sensitivity or responsiveness. EX: How responsive is the quantity of oil demanded to a change in the price of oil? Define the price elasticity of demand: Correct Answer-A measure of the responsiveness of quantity demanded to a change in price. More responsive equals more elastic. Price elasticity of demand = percentage change in quantity demanded / percentage change in price. Define the price elasticity of supply: Correct Answ...

BSNS 113 Final Exam Revision Questions And Correct Answers. Perfect Solution For Your Exam Preparation. "Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? Macroeconomics "The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? Microeconomics What is Positive Analysis? A statement describing how something is What is Normative Analysis? A statement describing how somethin...

7.5 Assignments 7.5.1 First semester assignments SEMESTER 1 ASSIGNMENT 01/2018 CLOSING DATE: 02 March 2018 UNIQUE NUMBER: WEIGHT: 40% of semester mark TL501: Learning units 1 – 4 Prescribed Book: Chapters 1 – 4 This assignment contributes 40% towards your semester mark. Please ensure that this assignment reaches the University before the due date. Answer all the questions on a mark-reading sheet or on myUnisa. IMPORTANT! The first ten multiple choice questions of thi...

Internal/External Factors of Price - Answer-Internal Factors of Price: 1. Marketing Objective 2. Marketing Mix Strategy 3. Cost External Factors of Price: 1. Demand for your product. 2. Competition 3. Economy Price Elasticity - Answer-Elastic - Consumers buy more or less of a product when the price changes Inelastic- An increase or decrease in price will not significantly affect demand What happens to price/revenue when the demand is elastic/inelastic - Answer-Demand is... Pr...

Question 1 10 / 10 points The branch of economics that examines the impact of choices on aggregates in the economy is: Question options: positive economics. normative economics. macroeconomics. microeconomics. Question 2 10 / 10 points When we are forced to make choices we are facing the concept of: Question options: ceteris paribus. free goods. scarcity. the margin. Question 3 10 / 10 points An economic system is the set of rules that define _______ and _______ . Question op...

In order to be a successful price discriminator, a provider must have a degree of market power (depicted by a downward-sloping demand curve) and meet what other condition(s)? a. Customers cannot know that different prices are being charged. b. Markets must be segmentable, identifying differences in ability to pay. c. Demand for services must be relatively price elastic. d. Profitable service expansion opportunities must be limited. e. The provider must have excess capacity to accommodate t...

Which of the following will not increase the demand for burritos? a.A big burritos sale. b.The discovery that eating burritos cures cancer. c.A rise in the price of burgers, a substitute. d.A fall in the price of guacamole, a complement. e.All of the above will increase the demand for burritos. a.A big burritos sale. Which of the following will not decrease the supply of burritos. discovery that eating burritos causes cancer. b.a rise in the price of the tortillas used to make bu...

WGU C211 Pre- Assessment Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (Latest 2023/ 2024) Graded A Q: A farmer sells wheat in a perfectly competitive market. Which action should the farmer take to maximize profits? Answer: Produce the quantity where the price equals the farmer's marginal cost Q: What is the economic profit of a competitive firm? Answer: The difference between total revenue and total cost Q: Which condition applie...

1. Which of the following will not increase the demand for burritos? a. A big burritos sale. b. The discovery that eating burritos cures cancer. c. A rise in the price of burgers, a substitute. d. A fall in the price of guacamole, a complement. e. All of the above will increase the demand for burritos. a. A big burritos sale. 2. Which of the following will not decrease the supply of burritos. a. the discovery that eating burritos causes cancer. b. a rise in the price of the tortill...

WGU C211 Global Economics for Managers Test Bank |300+ Questions and Verified Answers| 100% Correct (Latest 2023/ 2024) Q: Economic profit is distinct from accounting profit because: Answer: Economic profit incorporates both explicit and implicit costs. Q: Total costs include: Answer: Variable costs plus fixed costs. Q: Marginal costs consider: Answer: The increase in total cost arising from an extra unit of production. Q: What response...