Q: Give the meaning and explain briefly in your own words: 1. Elastic Demand 2. Inelastic Demand
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- + if the demand will increase and - if the demand will decrease_______________5. Karla’s salary has been cut off by half because of the irregular days of work.Indicate whether you would expect the price elasticity of demand for each of the following to be relatively elastic or inelastic.Typed plz and Asap thanks Want answer asap thanks
- . ______________ is the willingness to buy a product and the ability to pay for it. Select one: a.Demand b.Quantity c.The Law of Demand d.Elasticityn paragraph form: List and describe the determinants of demand include 4 paragraphs.Draw a supply and demand curve for the iPhone 11. Apple announces that the iPhone 12 is coming out in 1 year, what happens to the supply or demand for iPhone 11s? Why?
- 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?Answer each of the questions on your paper and/or in a computer file. To receive credit, youmust show all work. The price elasticity of demand for business air travel is -0.75 and for nonbusiness air travel is-1.50. a. Give an interpretation of the price elasticity of demand for business air travel. b. In what category does the price elasticity of demand for nonbusiness air travel fall? c. Show graphically how airlines could use third-degree price discrimination in thiscase.As a result of 5 percent fall in the price of food, it's Demand rises by 12%. Find the price elasticity of demand and say demand is elastic or inelastic and why.
- M10Give the meaning and explain briefly in your own words: 1. Elastic Demand 2. Inelastic DemandAnswer the following questions in your own words. Start a new thread while replying. 1. What are the determinants of price elasticity of demand? Explain the determinants. 2. What is the difference between inelastic demand and elastic demand? Provide an example of each from real life. 3. Refer to the graph below: Price 22 20 + 18 +- 16 + 14 B 12 10 + 4 Demand +++ 100 200 300 400 500 600 700 800 900 Buaxtity From the graph above calculate: a. Price elasticity of demand from point A to point B (use the mid-point method). Is it an elastic situation or an inelastic situation? b. Price elasticity of demand from point B to point C (use the mid-point method). Is it an elastic situation or an inelastic situation?