Inelastic demand Study guides, Class notes & Summaries

ECON 2110 Final Exam Clemson Questions and Answers Already Passed The price of peanuts (an input) falls while the price of jelly (a complement) rises. What will happen to equilibrium price and quantity of peanut butter? a. Equilibrium price and quantity will increase. b. Equilibrium price will increase but the effect on equilibrium quantity is uncertain. c. Equilibrium quantity will decrease but the effect on equilibrium price is uncertain. d. Equilibrium price will decrease but the effect ...

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...

Commercial real estate assets have a number of attributes that make them unique relative to other types of investments. These attributes include the following: (x10) correct answers 1. They involve land 2.Transaction time frames are long 3. Transaction costs are high 4. they are expensive 5. They are long lasting 6. Highly regulated 7. have a long production cycle 8. are management intensive 9. are heterogeneous 10. Involve measuring return on investment 1. Long-lasting, Durable ...

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...

Managerial Economics & Business Strategy Michael Baye 9th Edition- Test Bank Managerial Economics & Business Strategy Michael Baye 9th Edition- Test BankAssume that the price elasticity of demand is −2 for a certain firm’s product. If the firm raises price, the firm’s managers can expect total revenue to:A price elasticity of zero corresponds to a demand curve that is: A. horizontal. B. downward sloping with a slope always equal to 1. C.vertical. D. either vertical or horizontal.As we ...

A. - ANSWER-Which of the following is true if demand is inelastic? A. The price elasticity of demand will be less than 1 in absolute value. B. The percentage in price will be less than the percentage change in quantity demanded. C. There are many substitutes for the good in question. D. All of the above. D. - ANSWER-How do economists avoid confusion over units in the computation of elasticity? A. By using index numbers rather than whole numbers. B. By using aggregate...

Narrowly, what is a price? - Answer-Narrowly, price is the amount of money charged for a product or service Broadly, what is a price? - Answer-Broadly, price is the sum of all values that consumers exchange for the benefits of having or using the product or service Price is not just money, think of price as - Answer-sacrifice Example of price - Answer-$88 boots from amazon versus exact same pair at Dillards for $88 as well. The price here is wait-time, trying them on, or convenience. The ...

UCF MAR3023 Exam 4 Latest Update Already Passed price the overall sacrifice a consumer is willing to make to acquire a specific product or service successful pricing strategies are built around the _______ __________ _____________ of ___________, we examine these in detail because each makes a significant contribution to formulating good pricing policies five critical components (the five C's) of pricing profit oriented institute a companywide policy that all products must provid...

Price - Answer- the overall sacrifice a consumer is willing to make to acquire a specific product or service Ex: Time, money, driving, opportunity costs, etc. Characteristics of the Price "P" - Answer- - Most flexible: easy to change - Most difficult to get right - Most important in consumer decision making process - Most controversial P What affects Price? - Answer- - Manufacturing Costs - Income of Target Market - Product Life Cycle What does the price of a good depend on (5...

OCR 2023 GCSE Economics J205/01: Introduction to economics Question Paper & Mark Scheme (Merged) ECONOMICS Please write clearly in black ink. Do not write in the barcodes. Centre number Candidate number First name(s) Last name Oxford Cambridge and RSA Wednesday 17 May 2023 – Afternoon GCSE (9–1) Economics J205/01 Introduction to Economics Time allowed: 1 hour 30 minutes INSTRUCTIONS • Use black ink. You can use an HB pencil, but only for graphs and diagrams. • Write you...