Elastic goods are based on what consumers want, rather than something that they need to survive. Which of the following is an elastic good? medicine an apartment water soda pop
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- If the elasticity of demand for hamburgers equals 21.5 and the quantity demanded equals 40,000, predict what will happen to the quantity demanded of hamburgers when the price increases by 10 percent. If the price falls by 5 percent, what will happen?Do you think the price of sugar is inelastic or elastic?Why do these goods have the elasticity that they do? Inelastic Coffee, Elasticity: 0.25 Elastic Avocados, Elasticity: 4.6 Approximately Unitary Elasticity Movies, Elasticity: 0.9
- Two drivers-Kevin and Maria-each drive up to a gas station. Before looking at the price, each places an order. Kevin says, "I'd like 10 gallons of gas." Maria says, "I'd like $10 worth of gas." Who's statement is elastic?Set all variables to their baseline values. How much money do consumers want to spend on spaghetti when the price is $25? Set all variables to their baseline values. The price drops to $23. How much money do consumers want to spend on spaghetti now? What's the elasticity of demand between these prices?come up with a set of examples of elastic, inelastic, normal, and inferior goods in your own life. Pick one good from each of those categories and introduce that good or service to your group members. Explain why it you think the good belongs in the category.
- what is elastic. Trying to figure out if coffee is elastic or inelasticYour Best Brand Bike Shorts - BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $ [a] Show only your answer in the box. Do not include steps in the calculation and do not include the dollar sign.Your Best Brand Bike Shorts - BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $ [a] Show only your answer in the box. Do not include steps in the box and do not add the dollar sign.
- Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be?Which is more elastic sugar or salt? Reason
