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Which of the following (insulin, coffee, housing, cars) is an example of an inelastic good?
In a market, when talking about price elasticity of demand of different products, it depends upon various factors like time horizon, durability of the products, and so on.
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- The income of consumer has got increased and the consumer's demand for good X has also increased. What type of good is good X?Assume that you work in a movie theater and you want to increase revenue at the theater after the pandemic. The pandemic has caused people to find many activities that are alternatives to going to the movie theater. Fill in the blanks below with the words that best complete the sentences: Because consumers have found more substitutes for going to the movie theater, price elasticity of demand for movie tickets is more likely to be [ elastic or inelastic ]. Because of this price elasticity of demand, you should [increase or decrease] the price of movie tickets if you want to increase revenue.Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy 8 boxes. Is Julie's demand for envelopes elastic or inelastic? What is Julie's elasticity of demand? To find Julie's elasticity of demand, we need to divide the percent change in quantity by the percent change in price.
- Consider the same apple-juice market. Suppose now, the demand curve a liter of apple-juice is given by: P = 107 - 5QD. i. Calculate the price elasticity of demand of apple-juice when price rises from 55 to 80. Give your answer in two decimal places. After the price rise, the income of a person goes up from 31033 to 46187. The new demand curve is P = 132 - 5QD. ii. Calculate the income elasticity of demand. Give your answer in two decimal places. iii. Due to this increase income, has demand become more or less elastic? More elastic Less elastic Income and demand elasticity are not related Not enough information given iv. If the increase in income (and the subsequent shift of the demand curve) had occurred before the rise in price, what would the YED be? Give your answer in two decimal places.Do you think the price of sugar is inelastic or elastic?Let's say you cultivate oranges. Would you anticipate a more elastic or inelastic need for your orange? Why?
- what is elasticity?If a consumer doubles the amount of ice cream he consumes when his income increases by 25%, how much will be the income elasticity of demand for ice cream?What is the area of the blue triangle shown in the figure? The area of the triangle S (Enter your response as a whole number). 1.75 1.25 Demand 175000 200000 Quantity of Pepsi (bottes per week)