Ask Question
BusinessBusiness
16 May, 18:49

1. Name a product/service that you purchase, and the demand is inelastic. Explain.

2. Name a product/service that you purchase, and the demand is elastic. Explain.

+3
Answers (1)
  1. 16 May, 18:54
    0
    1. Inelasyic Demand i. e Change in price has no effect on demand

    basic necessity goods such as: food, cloths, shelter etc are inelastic in demand because change in price will not affect the consumer behavior. due to decrease in price consumers will not start eating too much and vice versa.

    2. Elastic Demand i. e change in price has significant effect on demand

    These are the luxurious goods such as Apple iPhone, porchy car etc change in price will significantly affect the consumer demand decrease in price will induce the consumers to buy more and increase in price will reduce the consumer demand.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “1. Name a product/service that you purchase, and the demand is inelastic. Explain. 2. Name a product/service that you purchase, and the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which of these is a concept that began in ancient Greece and influenced the development of American constitutional democracy? A Bill of rights B Secular government C Executive branch D Electoral vote
Answers (1)
JKL Insurance Company estimates that 14 out of every 100 homeowners it insures will file a claim each year. Last year, JKL insured 200 homeowners. According to the law of large numbers, what should happen if JKL insures 2,000 homeowners this year? a.
Answers (1)
TJ's has a market value equal to its book value. Currently, the firm has excess cash of $218,500, other assets of $897,309, and equity of $547,200. The firm has 40,000 shares of stock outstanding and net income of $59,800.
Answers (1)
Harmon opens a new restaurant, which he insures for twice its worth. Knowing his business is insured, Harmon becomes careless in his management of the restaurant, with the result being that he suffers a bad fire which burns down his restaurant.
Answers (1)
A deposit of $870 earns interest rates of 10.7 percent in the first year and 8.7 percent in the second year. What would be the second year future value?
Answers (1)
New Questions in Business
The movement and storage of materials into a firm refers to:
Answers (1)
Briefly discuss the importance of the project charter, and compare the roles played by the project sponsor and the project manager with respect to the preparation of this document.
Answers (1)
Which of the following is identified as a recent trend that has staying power? a. Relationship management b. Hedging c. Task management d. Insourcing e. Corporate takeovers
Answers (1)
Suppose an economy's real GDP is $40,000 in year 1 and $42,200 in year 2. What is the growth rate of its real GDP? Instructions: Round your answer to two decimal places.
Answers (1)
Zoum Corporation had the following transactions during 2017: 1. Issued $250,000 of par value common stock for cash. 2. Recorded and paid wages expense of $120,000. 3. Acquired land by issuing common stock of par value $100,000. 4.
Answers (1)
Home » Business » 1. Name a product/service that you purchase, and the demand is inelastic. Explain. 2. Name a product/service that you purchase, and the demand is elastic. Explain.
Sign Up Forgot Password?