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7 December, 15:58

Why would the supply curve of a dog walking business be considered elastic

A. because the demand for dog walking services fluctuates

B. because the supply of dog walking isnt easily expanded or reduced

C. because it can hire workers quickly if the price rises

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Answers (1)
  1. 7 December, 16:24
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    C. because it can hire workers quickly if the price rises

    Explanation:

    Demand is said to be elastic if a small change in price causes a significant change in the quantity demanded. For example, if the price commodity Z increases by a small percentage and the demand falls by a bigger percentage, commodity z has elastic demand. Elastic demand is about the responsiveness of quantity demanded due to changes in price.

    The supply curve illustrates the relationship between price and the quantity demanded. If demand is elastic, a change in price will result in a big movement along the supply curve. If the price of labor for walking dogs decreases by a small percentage, and the demand for dog walkers increase, then the dog walking business has elastic demand.
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