Demand ISelect ] more inelastic the longer the time frame. more elastic Demand is ISelect] the more substitutes there are for a good. Supply is I Select] the harder it is to scale up production of a good.
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![Demand
[ Select ]
the longer the time frame.
more inelastic
more elastic
Demand is (Select ]
the more substitutes there are for a good.
Supply is I Select )
v the harder it is to scale up production of a good.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc526f927-283b-4f7b-a773-c705605ca84f%2F92ec90fa-f6fd-4819-8c92-fe0ba9a9a45a%2Fkdkjsrd_processed.jpeg&w=3840&q=75)
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- The price elasticity of demand is more likely to be inelastic if Othere are a lot of substitutes available. O the price of the product is a large fraction of income. Othere is a long time frame involved. O the product is a necessity.The price elasticity of demand for a product tends to be greater the Select one: A. fewer close substitutes for it there are. B. more close substitutes for it there are. C. shorter the time span being considered. D. more necessary the product becomes.Suppose the price elasticity of demand for heating oilis 0.2 in the short run and 0.7 in the long run.a. If the price of heating oil rises from $1.80 to$2.20 per gallon, what happens to the quantityof heating oil demanded in the short run? In thelong run? (Use the midpoint method in yourcalculations.)b. Why might this elasticity depend on the timehorizon?
- Which is characteristic of a product with elastic demand? A. The good is regarded by consumers as a necessityB. There are a large number of good substitutes for the goodC. Buyers spend a small percentage of their total income on the productD. Consumers have had only a short time period to adjust to changes in pricei will 10 upvotes urgent . Assume that the price of one kilogram of chicken is 12 Shekel. Assume that Ramadan comes, and the demand for chicken increases by 40%. Assume that the elasticity of demand for chicken is 0.6 and the elasticity of supply is 1.4. the percentage change in equilibrium price is: -15% 0.15%. 20%. 30%Excess supply of a product will cause the price to As a consequence Market for pizza of the price change, the quantity demanded will quantity 14.00- 13.00- 12.00- 11.00- supplied will increase decrease At the current market price PMatet of $9.00, there i of thousand pizzas per month (Enter your response as a positive integer.) 10.00- 9.00- PMarket a 8.00- * 700- 8 6.00- E 500- 4.00- 3.00- 2.00- 1.00- 40 22 510 15 20 25 30 35 40 45 so 55 60 Thousands of pizzas per month 0.00-
- The price elasticity of demand for good x shows how: A A change in price of good x affects the quantity demanded of good x. В A change in price of good x affects the income of consumers. A change in income affects the quantity demanded of good x. D A change in price of good x affects the profit for a firm.The longer the time period under study, a. the more inelastic is the price elasticity of demand. b. the more likely any given price cut will result in a smaller reaction by the consumer. c. the less sensitive consumers will be to price changes. d. the more elastic is the price elasticity of demand.The supply of a good will be more elastic, the a. more the good is considered a luxury b. broader is the definition of the market for the good. c. larger the number of close substitutes for the good. d. longer the time period being considered.
- The demand of a produa y depor another product X (P.). The price elasticity of with respect to X is *-0.8. (a) Are X and Y substitutes or complement? **rice the price of and the cross-u ofr (b) Suppose now P, increases by 2%, and P. decreases by Sh **** Will the quantity demanded of y increase or decrease contWhen the price of a good is lowered from £350 to £200 the quantity demanded increasesfrom 600 to 750 units. Calculate elasticity of demand over this section of its demandschedule.Elasticity. This to see how fast one variable response to a change in another varible. Please explain.