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Elaststicity of demand?

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Elaststicity of demand?

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  1. elasticity: a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants.

    price elasticity of demand: a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price.

    perfectly inelastic demand: elasticity equals to 0

    inelastic demand: elasticity is less than 1

    unit elastic demand: elasticity equals 1

    elastic demand: elasticity is greater than 1

    perfectly elastic demand: elasticity equals infinity

    hope dat helps

    all da best!


  2. In economics and business studies, the price elasticity of demand (PED) is a measure of the sensitivity of quantity demanded to changes in price. It is measured as elasticity, that is it measures the relationship as the ratio of percentage changes between quantity demanded of a good and changes in its price. Water is a good example of a good that has inelastic characteristics in that people will pay anything for it (high or low prices with relatively equivalent quantity demanded), so it is not elastic. On the other hand, sugar is very elastic because as the price of sugar increases, there are many substitutions such as the pink, yellow, brown, blue, and other "stuff."


  3. .  If you have the only cure for 1 type of cancer, all patients must come to you.  That means that the supply is inelastic if you only have 10 doses available.  The demand is elastic. You can sell as many as you can produce.

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