Question and answer
Price elasticity of demand
Price Elasticity Of Demand is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price.
Question
Asked 4/25/2012 3:30:39 AM
Updated 8/23/2015 10:51:39 PM
1 Answer/Comment
Edited by yumdrea [8/23/2015 10:51:21 PM]
s
Get an answer
New answers
Rating
8

Price Elasticity Of Demand is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price.

Added 8/23/2015 10:51:39 PM
This answer has been confirmed as correct and helpful.
Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
determinant price elasicity of demand
Weegy: A number of factors can thus affect the elasticity of demand for a good:[25] Availability of substitute goods: the more and closer the substitutes available, the higher the elasticity is likely to be, [ as people can easily switch from one good to another if an even minor price change is made;[25][26][27] There is a strong substitution effect.[28] If no close substitutes are available the substitution of effect will be small and the demand inelastic.[28] Breadth of definition of a good: the broader the definition of a good (or service), the lower the elasticity. For example, Company X's fish and chips would tend to have a relatively high elasticity of demand if a significant number of substitutes are available, whereas food in general would have an extremely low elasticity of demand because no substitutes exist.[29] Percentage of income: the higher the percentage of the consumer's income that the product's price represents, the higher the elasticity tends to be, as people will pay more attention when purchasing the good because of its cost;[25][26] The income effect is substantial.[30] When the goods represent only a negligible portion of the budget the income effect will be insignificant and demand inelastic,[30] Necessity: the more necessary a good is, the lower the elasticity, as people will attempt to buy it no matter the price, such as the case of insulin for those that need it ] (More)
Question
Expert Answered
Asked 4/25/2012 3:47:50 AM
0 Answers/Comments
Elasticity of demand?
Question
Updated 12/1/2016 10:22:29 AM
1 Answer/Comment
Elasticity of demand is the degree to which demand for a good or service varies with its price.

Added 12/1/2016 10:10:28 AM
This answer has been confirmed as correct and helpful.
Confirmed by yumdrea [12/2/2016 12:04:21 AM]
37,255,811
questions answered
GET
Answers.
GET THE APP.
weegy*
*
Get answers from Weegy and a team of really smart live experts.
Popular Conversations
What’s the waste product of electrons and pyruvate combining in ...
Weegy: The waste product of electrons and pyruvate combining in fermentation is lactic acid. User: Ella has just ...
1/24/2023 12:51:15 AM| 5 Answers
23. Community Emergency Response Teams are an example of:
Weegy: 23 * 23 = 529 User: 24. The Unified Coordination Group:
1/20/2023 12:21:56 AM| 4 Answers
Good
Weegy: Good definition is a favorable character or tendency. User: Moccasins, , we’re commonly worn by ...
1/23/2023 7:53:19 PM| 4 Answers
What was one of President Lincoln's major frustrations early in the ...
Weegy: Lack of aggressive military leadership was one of President Lincoln's major frustrations early in the Civil ...
1/24/2023 9:08:44 AM| 4 Answers
What book recorded abuses in the meatpacking industry
Weegy: The book "The Jungle" exposed the abuses in the meatpacking industry. User: Concerns over the Spanish ...
1/24/2023 12:44:09 PM| 4 Answers
Sympathy drives disconnection, and empathy drives connection. Which ...
Weegy: Feel sorrow or sadness for the other person- is NOT one of the four qualities of engaging with empathy. User: ...
1/26/2023 4:28:59 AM| 4 Answers
6. Stabilizing community lifelines is the primary effort during?
Weegy: Stabilizing community lifelines is the primary effort during: Incident Response. User: 7. Why is it important ...
1/20/2023 12:08:50 AM| 3 Answers
Vehicles driving in the opposite direction on a multi lane highway ...
Weegy: Vehicles driving in the opposite direction on a multi-lane highway with opposite lanes separated by a raised ...
1/20/2023 1:31:25 AM| 3 Answers
S
L
Points 2711 [Total 3501] Ratings 2 Comments 2681 Invitations 1 Offline
S
L
P
L
Points 1943 [Total 5567] Ratings 0 Comments 1883 Invitations 6 Offline
S
L
P
R
R
Points 1287 [Total 3000] Ratings 6 Comments 1187 Invitations 4 Offline
S
L
Points 692 [Total 750] Ratings 0 Comments 692 Invitations 0 Offline
S
L
Points 685 [Total 2078] Ratings 10 Comments 545 Invitations 4 Offline
S
L
P
R
Points 664 [Total 3954] Ratings 3 Comments 634 Invitations 0 Online
S
L
Points 502 [Total 2031] Ratings 11 Comments 372 Invitations 2 Offline
S
L
Points 492 [Total 492] Ratings 1 Comments 472 Invitations 1 Offline
S
L
Points 428 [Total 1489] Ratings 2 Comments 378 Invitations 3 Offline
S
L
Points 336 [Total 336] Ratings 3 Comments 306 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.