Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Mar 15, 2022

______ demand refers to the fact that total demand for a product is not affected much by price changes. Consumer Inelastic Elastic Business

______ demand refers to the fact that total demand for a product is not affected much by price changes.

Consumer

Inelastic

Elastic

Business

Step by Step Solution

★★★★★

3.45 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

SOLUTION The right option of this question is option first Inelastic ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematical Applications for the Management Life and Social Sciences

Authors: Ronald J. Harshbarger, James J. Reynolds

11th edition

9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042

More Books

Students also viewed these Economics questions

Question

★★★★★

The demand function for a product is given by P = 200 / 2 + 0.1x Where x is the number of units and p is the price in dollars. (a) Graph this demand function for 0 ( x ( 250, with x on the horizontal...

Answered: 1 week ago

Question

★★★★★

The demand function for a product is Qd= 100 - BdP .Suppose that there is a tax of t dollars per unit that producers must pay and that the supply function for the product when the tax is t and the...

Answered: 1 week ago

Question

★★★★★

The demand function for a product is p = 49 x2 and the supply function is p=4x+4. Find the equilibrium point and the consumers surplus there.

Answered: 1 week ago

Question

★★★★★

Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2018, Evan has $100 per month deducted from his paycheck and contributed to the HSA. In addition,...

Answered: 1 week ago

Question

★★★★★

What is the average kinetic energy per molecule in a monatomic gas at (a) 10 C and (b) 90 C?

Answered: 1 week ago

Question

★★★★★

Prepare a 2-minute presentation for each of your answers to items 4, 5, 6, and 7. Provide your answers to the rest of the class.

Answered: 1 week ago

Question

★★★★★

In the G/M/1 model if G is exponential with rate show that = /.

Answered: 1 week ago

Question

★★★★★

Prepare common-sized balance sheets and income statements for Just for Feet for the period 19961998. Also compute key liquidity, solvency, activity, and profitability ratios for 1997 and 1998. Given...

Answered: 1 week ago

Question

★★★★★

The Contral Valley Company is a manufacturing firm that produces and sells a single product. The company's revenues and expenses for the last four months are given below. Required 1. Management is...

Answered: 1 week ago

Question

★★★★★

Bennett and Barney decide to form a partnership on 01/07/2021. Bennett and Barney operate on an accrual basis with the financial year from 1 July to the 30 June the following year. Partnership...

Answered: 1 week ago

Question

★★★★★

Rogot Instruments makes fine violins and cellos. It has $1.8 million in debt outstanding, equity valued at $2.5 million, and pays corporate income tax at rate 25%. Its cost of equity is 12% and its...

Answered: 1 week ago

Question

★★★★★

Mandatory Border Operations meetings are conducted for all employees in the Border Protection Unit every Monday. Employees are not permitted to telework on days when Border Operations meetings are...

Answered: 1 week ago

Question

★★★★★

A small southern West Australian country town has maintained records showing that the daily maximumtemperature during summer (Dec.,Jan.,Feb.) has averaged 30 degree Celsius with a standard deviation...

Answered: 1 week ago

Question

★★★★★

Develop a comprehensive analysis that identifies threats and vulnerabilities to the information systems infrastructure and organizational data. You may use a fictitious company, one that you...

Answered: 1 week ago

Question

★★★★★

Samstreet, Inc went public by issuing 1 million shares of common stock at $25 per share. The shares are currently trading at $30 per share. Current risk free rate is 4%, market risk premium is 8% an...

Answered: 1 week ago

Question

★★★★★

On November 12, 2020, Ms. Wilma Vander purchased an automobile to be used exclusively in her newly formed unincorporated business that commenced operations on June 30, 2020. The cost of the...

Answered: 1 week ago

Question

★★★★★

Hillary Corporation has 100,000 common shares that have been issued. The company declares a 5% stock dividend on December 1 to shareholders of record on December 20. The shares are issued on January...

Answered: 1 week ago

Question

★★★★★

How will relating product contribution margin s to the amount of the constrained resource they consume help a company maximize its profits?

Answered: 1 week ago

Question

★★★★★

If the monthly marginal cost for a product is MC = x + 30 and the related fixed costs are $5000, find the total cost function for the month. Cost, revenue, and profit are in dollars and x is the...

Answered: 1 week ago

Question

★★★★★

A firm knows that its marginal cost for a product is MC = 3x + 20, that its marginal revenue is MR = 44 - 5x, and that the cost of production of 80 units is $11,400. (a) Find the optimal level of...

Answered: 1 week ago

Question

★★★★★

Minimize f = 10x + 3y subject to - x + 10y 5 4x + y 62 4x + y 50 Use the simplex method. Assume all variables are nonnegative.

Answered: 1 week ago

Question

★★★★★

One of the most famous presidential elections (from a statistician's point of view) is the 1936 contest between incumbent Franklin D. Roosevelt (FDR) and Republican challenger Alf Landon. The...

Answered: 1 week ago

Question

★★★★★

The General Social Survey asked a random sample of adult Americans with children two questions: (1) Do you believe there should be paid leave for childcare? (2) Do you believe children are a...

Answered: 1 week ago

Question

★★★★★

In an online psychology experiment sponsored by the University of Mississippi, researchers asked study participants to respond to various stimuli. Participants were randomly assigned to one of three...

Answered: 1 week ago

Previous Question Next Question