28 24 20 16 12 8 4 0 P 0 4 8 00 12 S1 16 D1 20 S2 D2 24 Q 18. If demand for this product changed from D2 to D1 as a result of a increase in price of a related product, then these two products O (a) complements. O (b) inferior goods, O (c) economic goods. O (d) substitutes. O(e) public goods.

Q: Generally speaking the demand for a good will be more inelastic if the good is very specific and…

A: The Demand is considered inelastic when due to change in price, the quantity doesn't changes much.…

Q: There are 10 consumers in the market, each with the demand curve Q=100-0.5P. What is the slope of…

A: Given that, Number of consumers = 10 Demand Curve = 100 - 0.5P

Q: Make diagtna ne ce

A: Step 1: answer of 5Demand Schedule:We have the following data points:Price ($): 0, 1, 2,3,4Quantity…

Q: Note: Line segments will automatically connect the points. Remember to plot from left to right. ?…

A: A demand schedule is a table or chart that shows the quantity of a good or service that consumers…

Q: Suppose the price of good X falls and the consumption of good X increases. From this we can infer…

A: Normal goods are those goods demand for which increases due to decrease in their prices.So normal…

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A: The revenue is maximum at unit elastic demand and that is at the middle of the demand.

Q: The demand for your product X has been estimated to be QX = 7, 880 − 4PX − 2PY + PZ − 0.1M where Y…

A:

Q: 19. A possible explanation for supply shifting from $1 to S2 is O a) an improvement in technology.…

A: In the image you gave, there are two questions about supply and demand curves in economic…

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A: here we calculate the developer’s change in revenue from lowering the price which are as follow-

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A: demand refers to the quantity that a consumer wishes to buy at a given price in given period of…

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Q: If demand for this product increased from D1 to D2 as a result of a decrease in price of a related…

A: Complementary goods are those goods which are consumed simultaneously and can't be consumed alone…

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A: Here, it is given that when there is a decrease in the price of good X, it will lead to increase the…

Q: 18. If demand for this product changed from D2 to D1 as a result of a increase in price of a related…

A: The link between the amount of a product provided and its price, while maintaining other variables…

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Q: If demand for this product changed from D2 to D1 as a result of a increase in price of a related…

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A: (A)

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Q: (1) Qd 10 20 30 40 60 (2) Qd Multiple Choice 40 50 60 70 80 $9 and 60 units. $7 and 40 units. (3)…

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Q: (1) Qd 70 80 90 100 110 (2) Qd Multiple Choice 40 50 60 70 80 $9 and 70 units. $9 and 60 units. $10…

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Elasticity of Demand and Supply

The elasticity of demand and supply are two important concepts of microeconomics. The elasticity of demand measures the responsiveness of consumers’ demands to the price change, changes in income of consumers, and changes in the price of the related goods. Similarly, the elasticity of supply refers to the proportionate change in the quantity supplied due to the proportionate change in the price. In other words, it can be said that elasticity of supply measures how the quantity of supply changes when the price changes of that particular product.