3. What is the difference between elastic and inelastic demand? Use your own
perspective and experience as a consumer to give an example of each, being sure to
clearly explain why you consider your demand for these goods to be elastic or
inelastic. (4 points)

Answers

Answer 1

The elasticity of demand is when a change in the price will affect the demand for the goods.

What is the demand?

Demand refers to a consumer's desire to buy products and services, as well as their ability to pay a price for them. When the demands for any goods rise, then the price of the goods will also increase.

In elastic demand, the shift in the demand curve as a result of a price change is large whereas the change in quantity demanded as a result of a price change is minor in an inelastic demand.

An example of inelastic demand will be Gasoline since individuals buy about the same amount even when prices go up. Cereals or durables consumed are referred to as an example of elastic demand so these can be postponed if the prices are high.

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Related Questions

What form of government did the Arabs develop for the lands that they conquered

Answers

The form of government developed by the Arabs for the lands they conquered is; Monarchy.

What form of government did the Arabs develop?

History agrees that in the seventh century, after subduing rebellions in the Arabian peninsula, Arab Muslim armies began to swiftly conquer territory in the neighboring Byzantine and Sasanian empires and beyond two decades, they created a massive Arab Muslim empire spanning three continents all of which were governed by monarchy.

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Which statement is true about education or training beyond high school?
Employers do not offer it so workers must pay for any program themselves.
For most people it is out of reach as there is little help available for funding.
It is associated with higher salaries and total earnings over a person's lifetime.
There is no evidence that it affects a person's job satisfaction or earning potential.

Answers

The statement that is true about education or training beyond high school is that B. It is associated with higher salaries and total earnings over a person's lifetime.

What is education?

It should be noted that education simply means the imparting of knowledge or skills regarding a particular subject area.

In this case, education has a positive impact on the earnings of an individual in the future.

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What are some of the contributions Asian Americans and Pacific Islanders have brought to this country?

Answers

Answer:

Diversity that’s in my opinion because I’m Korean and was adopted so now I live in the United States. I also think they have brought different types of traditions as well as foods and clothing styles.

Explanation:

this is my opinion.

How did you find sharing your goals, interests, experiences and chosen curriculum exit in SHS?​

Answers

Sharing your goals, interests, experiences and chosen curriculum in senior high school makes one feels confident and boost morale.

What are goals?

It should be noted that goals simply means one's aims that an individual seeks to achieve.

Here, the thing is that sharing your goals, interests, experiences and chosen curriculum in senior high school (SHS) makes one feels confident and boost morale.

When you share your goals with your teachers, you work towards it and they also put you in the right direction.

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How did the Taft-Hartley Act affect business and unions?

Answers

Answer:

The Taft–Hartley Act prohibited jurisdictional strikes, wildcat strikes, solidarity or political strikes, secondary boycotts, secondary and mass picketing, closed shops, and monetary donations by unions to federal political campaigns. It also required union officers to sign non-communist affidavits with the government.

Explanation:

The Taft-Hartley Act reserved the rights of labor unions to organize and bargain collectively, but also outlawed closed shops, giving workers the right to decline to join a union. It permitted union shops only if a majority of employees voted for it.Jun 25, 2019

4Which of the following is an example of an energy storage molecule?
(1 Point)
Water
Salt
Sugar
Uranium

Answers

Answer:

Sugar

Explanation:

In humans, we store energy in glucose molecules. These are a type of sugar. When we need to access this energy, our body's break these molecules down.

Objectively examine group dynamics within the workplace, family, classroom or while shopping. Describe the different types of
groups you see (at least two groups must be discussed) and identify the characteristics (at least twocharacteristics) associated with the groups you have identified.

Answers

Explanation:

Why are service activities becoming important answer

State four causes of punishment

Answers

Explanation:

bad attitudes

strives

works of the flesh

opposition of commands

write 10 sentences about world environment day​

Answers

These animals were raised in a controlled environment. Many plants are unable to survive in such a harsh environment. Heredity and environment are both important. Pollution is bad for the environment

What is an economic incentive?
A. An analysis of the costs and benefits of an economic choice
B. An economic regulation meant to limit risky economic actions
C. An economic behavior that requires highly specialized technology
D. A reward designed to encourage specific economic behavior

Answers

An economic incentive is a reward designed to encourage specific economic behavior. Below you can lean more about economic incentive.

What is an Economic Incentive?

Economic incentive is a term used to describe the motivation given to an individual in order to behave in a certain way.

In other words, it is a financial motivations for people to take certain actions.

  An example of economic incentive is an increase the price of a product in order to encourage consumers to buy little of that product or to find alternatives.

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a person who falls between introversion and extroversion is

Answers

Answer:

An ambivert is someone who exhibits qualities of both introversion and extroversion, and can flip into either depending on their mood, context, and goals. Ambiverts have also been called: Outgoing introverts: An introvert who can be outgoing in certain situations, around certain people, or when they absolutely need to.

Explanation:

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Discuss the lobes of the brain and what each has been implicated in helping to regulate

Answers

Answer:

Each side of your brain contains four lobes. The frontal lobe is important for cognitive functions and control of voluntary movement or activity. The parietal lobe processes information about temperature, taste, touch and movement, while the occipital lobe is primarily responsible for vision.

Explanation:

how can be the snow covered areas of different provinces utilized for economic growth of Nepal ​

Answers

Answer:

Tourism and hydroelectricity

Explanation:

Understand that everyone has value and self-worth is a strategy for

Answers

Self-worth comes from within to give you the ability to receive self-esteem. Self-worth seems to shield us from many types of mental illness and emotional problems. Low self-esteem has been identified as a factor in addictions, depression, anxiety, and relationship issues.

how does society influence individuals?​

Answers

Answer:

society affects individual through believes, culture, religion . It helps individuals find a purpose in life.

write down the different types of resources and how they affect the development process​

Answers

Answer:

write down the different types of resources and how they affect the development process.

Resources have three main characteristics: utility, limited availability, and potential for depletion or consumption. Resources have been variously categorized as biotic versus abiotic, renewable versus non-renewable, and potential versus actual, with more elaborate classifications.

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Matter is anything that has mass and takes up space. It can take many forms on Earth. It is different from energy, which does not have mass or take up space. Even though it comes in many forms. Which of the following statements best describes how the rock cycle connects to matter cycles on Earth?

Answers

Any rock can alternate into every other rock primarily based totally on the situations to which the rock is subjected.

How does the rock cycle constitute the cycling matter?

Both strategies are pushed via way of means of the cycling of matter like rock, magma, water, ice, gases, and residing matters and their remains.

In the rock cycle, rocks and be counted undergo uplift, weathering, erosion, deposition, melting, crystallization, and metamorphism as they tour among Earth's floor and its indoor layers.

Therefore, the correct statement is Any rock can alternate into every other rock primarily based totally on the situations to which the rock is subjected.

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How
might the debate over slavery lead to conflict in the future?

Answers

Answer:

People might have different views, is this a multiple paragraph question???

Explanation:

Answer:

Possible war and rebellion as well as difference of opinion

Explanation:

Today Blacks and people of other races and ethnicity's will not take slavery. They are done with being treated unfairly, you see the acts and protests and it will only grow and get more violent. War and rebellion are possible. Debate and people agreeing to it will lead to serious consequences. It will be an inconvenience for everybody that could be easily avoided. If it continues people will get angrier and angrier.  

Geographical advantage of the roman empire in Italy

Answers

Answer:

They lived on hills

Explanation:

there are lots of advantages the roman empire had, but one commonly known one is the fact that they loved on hills, it was harder for enemies to sneak up on them seeing they could spot them from miles away.

why did the Harriet Beecher Stowe’s Uncle Tom’s Cabin cause the Civil War?

Answers

Answer:

Stowe's Uncle Tom's Cabin widened the chasm between the North and the South, greatly strengthened Northern abolitionism, and weakened British sympathy for the Southern cause. The most influential novel ever written by an American, it was one of the contributing causes of the Civil War.

Explanation:

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Which of the following best explains why the game of economics does not
have a single goal?

Answers

Answer:

because everyone has a different goal when it comes to economics and it is a political issue

Explanation:

Question 3
10 pts
1. Discuss the importance of learning about bereavement patterns in other cultures. Describe some of
the manifest and latent functions of burial rites. (10 points)

Answers

The importance of learning about bereavement patterns in other cultures is that it helps to provide information on  the ways that the different culture approach death.

The importance of learning about bereavement patternsIt helps one to understand the practices of other cultures.It helps to establish the funeral practices of people.It also opens ones understanding to the way that people view death.

Some of the rules of burial rites would be

How to mourn for the bereavedThe ways to bury the dead.

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The Cold War impacted global politics in Europe, Asia, Africa, and the Caribbean. Analyze how Cold War rivalries impacted conflicts in ONE of these four regions. Make sure to fully explain the conflict and what the role of the United States and Soviet Union was in the region.

needs at least 3 sentences

Answers

Answer:The Cold War shaped American foreign policy and political ideology, impacted the domestic economy and the presidency, and affected the personal lives of Americans creating a climate of expected conformity and normalcy. By the end of the 1950's, dissent slowly increased reaching a climax by the late 1960's.What impact did the Cold War have on Europe?By the end of the war, the European economy had collapsed and 70% of the industrial infrastructure was destroyed. The property damage in the Soviet Union consisted of complete or partial destruction of 1,710 cities and towns, 70,000 villages, and 31,850 industrial establishments.What happened in Asia during the Cold War?The Korean War brought armed conflict between the United States and China. The Allies had divided Korea along the 38th parallel after liberating it from Japan at the end of World War II. The Soviet Union accepted Japanese surrender north of the 38th parallel; the United States did the same in the south.

Explanation:

According to your text, contemporary societies like the are sometimes referred to as postindustrial societies true or false

Answers

Contemporary societies are sometimes referred to as postindustrial societies. Therefore, it's true.

What is a contemporary society?

It should be noted that a contemporary society simply means a society that relates to modern times.

In this case, contemporary societies are sometimes referred to as postindustrial societies. Therefore, it's true.

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Explain how the many islands and volcanoes of Southeast Asia were created.​

Answers

Answer:

four major plates meet causing the region to have frequent earthquakes and volcanoes. The pressure and tension are made by the meeting of these plates has broken the earth's crust into many smaller plates across the region making islands and volcanoes.

Explanation:

We learned about this in our textbooks, I hope this helps have a nice day!

How does a routine positively impact on a child’s brain development?

Answers

Answer:

streagthens brain connections and builds the babys confidence

Explanation:

because they know what is to expect in a situaton

Income reaches the highest level at theIncome reaches the highest level at the (blank) point of business cycle

Answers

Income reaches the highest level at theIncome reaches the highest level at the (peak) point of business cycle

Answer:

peak

Explanation:

Mom can't find out I brought home a boa constrictor, Sandra thought. She had
always wanted a pet snake, but she needed to find the right time to tell her
parents that she had gone ahead and bought one.

How does the use of point of view create suspense in the passage?

The first-person point of view means that the audience recognizes that
boa constrictors can be good pets if they are given adequate space, food,
and exercise.
The third-person omniscient point of view means that the reader is aware
that Sandra's mom is deathly afraid of snakes and is about to have the
most terrifying experience of her life:
The third-person omniscient point of view means that the audience knows
that Mom is likely to find the snake in the laundry hamper and is curious
about what will happen next.
The first-person point of view means that the reader is inclined to
sympathize with Sandra's perspective but wants to find out if Sandra is
acting irresponsibly.

Answers

Answer:

The third-person omniscient point of view means that the reader is aware

that Sandra's mom is deathly afraid of snakes and is about to have the

most terrifying experience of her life

Explanation:

this one would create suspense

A bird flew through the air over the ocean dove into the water to catch a fish and then flew back into the air what two spheres of the biosphere did the bird interacted with?

Answers

Answer:

atmosphere and hydrosphere are the two spheres.

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The pleasure of books. Review the first two paragraphs of the passage, beginning on page 1 and ending on page 3. Which sentence best describes the structure of these paragraphs

Answers

Looking at the text given, the sentence that best describes the structure of these paragraphs is the first option.

What is the aim of having the pleasure of Books?

The purpose of people having or acquiring a books is that they believe is a great treasure and they can be able to use it without fear.

Note that from the passage, the author uses compare and contrast to show why one to buy books instead of borrowing them.

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