Nike and Adidas shoes are substitute goods. If the price of Nikes falls, there is a

Q: Mr. Ali decided to buy some sandwich and burger for his family. As he found the price of sandwich is…

A: Given  Mr. Ali decided to buy some sandwich and burger for his family. As he found the price of…

Q: what is the cross-price elasticity of demand for substitute goods?

A: Cross price elasticity(XED) measures the effect of change in any good's prices on the demand for the…

Q: When the price of photocopiers increases by 13%, the associated change in printers demanded is 6%.…

A: Cross-price elasticity of demand, this measurement is calculated by taking the percentage change in…

Q: How do you think will a decrease in price of camera affect demand for a film?

A: Camera and films are complementary goods i.e. they are used together. When the price of the camera…

Q: what is elastic. Trying to figure out if coffee is elastic or inelastic

A: Elastic demand: Elastic demand is the proportionate change in demand for the goods and services that…

Q: Will the demand for pay TV shows increase in the future

A: The demand for pay TV shows will increase in the future because:

Q: One winter recently, the price of a cruise increased by 10 percent and the quantity demanded…

A: Cross price elasticity of demand measures the responsiveness of quantity demanded of good 1 with…

Q: Nadia consumes two goods, food and clothing. The price of food is $2,the price of clothing is $5,and…

A: Price elasticity of demand measures the responsiveness of percentage change in quantity demanded due…

Q: the measure of the percent change in the quantity of a good demanded divided by the percent change…

A: Price has an inverse relationship with quantity demanded

Q: 20% and the quantity of demand decreases by 30%, the demand for the goods is inelastic

A: Elasticity of demand depicts how much consumer responds with the change in the price level.

Q: 29. An ongoing policy debate concerns whether to legalize the use of drugs such as marijuana and…

A: Price elasticity of demand depicts how much consumer respond with the change in price.

Q: Do you think the price of sugar is inelastic or elastic?

A: The word inelastic means inflexible or rigid and word elastic means flexible or adaptable.

Q: calculate the cross price elastocoty of demand, if there is 5% change in the demand of a good when…

A: Cross price elasticity of demand = %change in quantity demand of a good / % change in the price of…

Q: Relationship between changes in price and  corresponding changes in quantity that consumers will…

A: Change in price will leads to change in demand.

Q: Explain all the reasons why a decrease in the price of a product would lead to an increase in…

A: The law of demand says that there is an inverse association between the price of a service and…

Q: Suppose there is a product whose price is increasing but it has no impact on quantity demand…

A: If an increase in price does not change quantity demanded, it means the demand curve is vertical at…

Q: When the price of chicken rises 31 %, the quantity demanded of chicken falls 21%. What is the price…

A: Price elasticity is the change in the consumption due to change in prices. However, for a consumer,…

Q: A new skirt is in fashion these days. What will be the effect of this trend on the demand for the…

A: Demand is a consumer's desire to purchase a good. It depends on various aspects like income of the…

Q: Suppose the change in the price of good A from $20 to $70 causes the individual's demand for good B…

A: Cross price elasticity: Cross price elasticity is the measurement of the change in the Quantity…

Q: What happens to demand for normal goods when income of people decrease

A: Demand is the total goods and services that the consumers are willing to buy at different prices.

Q: Explain all the reasons why decrease in the products price will lead to an increase in purchases

A: Demand: Demand is a desire for a commodity, the ability of the consumer to pay for it, and…

Q: The price of cakes falls from $4 to $3 and the quantity purchased increases 80%, then demand for…

A: P0 = 4 P1 = 3 % change in Quantity = 80% % Change in Price =  28.5%

Q: importance of Elasticity

A: Elasticity is a tool that is used to measure the percentage change in one variable due to the change…