Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Other things being equal the demand for natural gas will tend to be

21/12/2020 Client: saad24vbs Deadline: 24 Hours

 A good with many close substitutes is likely to have relatively elastic Correct demand, because consumers can easily choose to purchase one of the close substitutes if the price of the good rises.


Points:


1 / 1


Close Explanation


Explanation:


The price elasticity of demand measures the responsiveness of consumers to changes in price. For example, if consumers change their purchasing behavior very little in response to a drastic change in price, demand is said to be inelastic; but if consumers change their purchasing behavior a lot in response to a small change in price, demand is said to be elastic.


If a good has several close substitutes, then many consumers will respond to an increase in the price of the good by purchasing one of those close substitutes. For example, many people believe that Coke and Pepsi are close substitutes. Therefore, holding the price of Pepsi constant, if the price of Coke were to increase, many consumers would switch to Pepsi. Therefore, the demand for Coke is relatively elastic. By contrast, there are no close substitutes for insulin as a treatment for diabetes. As a result, an increase in the price of insulin will not lead to a noticeable decline in insulin consumption. The demand for insulin is thus relatively inelastic.


A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If


the following goods are priced approximately the same, which one has the least elastic demand?


· Yacht ( You answered this option which turned out to be wrong)


· Chemotherapy for cancer patients


Explanation:When people buy a luxury good, such as a yacht, the price of the good and the prices of similar goods (for example, other yachts) will be major factors in their purchasing decisions. When people decide whether to purchase a necessary medical treatment, price is much less of a factor—especially if no other treatments can achieve the same result. Since the price elasticity of demand measures the responsiveness of buyers to changes in price, the elasticity of demand for chemotherapy for cancer patients is likely to be much lower than the elasticity of demand for yachts.


Price elasticity for a good depends on the share of a consumer's budget spent on a good. Other things being equal, which of the following goods has the most elastic demand?


· Computer


· Laundry detergent


· Salt ( You answered this option which turned out to be wrong)


Explanation: Other things being equal, the higher the price of a good relative to consumers' incomes, the greater the price elasticity of demand. Hence, the price elasticity of demand for low-priced items, such as salt and laundry detergent, tends to be lower than the price elasticity of demand for relatively expensive items that represent a significant fraction of annual incomes for most families, such as a computer. Be sure to consider not just the price, however, but also the overall portion of a consumer's budget spent on an item. For example, one latte costs only $3.00, but for daily coffee drinkers the annual expense could be around $1,000. The elasticity of demand for lattes is therefore likely to be higher than that for other low-priced items (such as salt) that may need to be purchased only a few times annually.


The price elasticity of demand for a good also depends on how you define the good.


Organize the goods found in the following table by indicating which is likely to have the most elastic demand, which is likely to have the least elastic demand, and which will have demand that falls in between




The red spots mean that they were also a correct option for those categories.


Explanation: The overall category of clothes has no close substitutes, so the demand for clothing, in general, is very inelastic. However, the more specific the type of clothing, the more close substitutes are available. If the price of pants rises, a consumer could purchase shorts or capris, but most people would not consider those very close substitutes. If the price of boot-cut jeans rises, consumers could switch to khakis or skinny jeans.


The price elasticity of demand is also affected by the given time period, sometimes called the time horizon.


Other things being equal, the demand for natural gas will tend to be ( more: You answered this option which turned out to be wrong) elastic in the short run than in the long run.


Explanation: More substitutes are available in the long run than in the short run. If the price of natural gas triples tomorrow, households that currently use natural gas will have very few alternatives for heating and cooking in their homes. In the very short run, the demand for natural gas is highly inelastic. If the price stays high for a few weeks, families will try to save on heating bills by dressing more warmly and reducing the average temperature in their homes. If the price of natural gas stays high for a very long period of time, more and more households will take measures to increase the heating efficiency of their homes or switch to alternatives such as solar power. Since consumers face fewer alternatives to natural gas in the short run, the short-run demand for natural gas is less elastic than the long-run demand for natural gas.


Applied Sciences

Architecture and Design

Biology

Business & Finance

Chemistry

Computer Science

Geography

Geology

Education

Engineering

English

Environmental science

Spanish

Government

History

Human Resource Management

Information Systems

Law

Literature

Mathematics

Nursing

Physics

Political Science

Psychology

Reading

Science

Social Science

Home

Blog

Archive

Contact

google+twitterfacebook

Copyright © 2019 HomeworkMarket.com

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Essay Tutor
Homework Guru
University Coursework Help
Helping Hand
Innovative Writer
Essay & Assignment Help
Writer Writer Name Offer Chat
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$105 Chat With Writer
Homework Guru

ONLINE

Homework Guru

Hi dear, I am ready to do your homework in a reasonable price and in a timely manner.

$102 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$102 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$100 Chat With Writer
Innovative Writer

ONLINE

Innovative Writer

I have read and understood all your initial requirements, and I am very professional in this task, I would be the best choice for this project, I am a PhD writer with 6-7 years of experience and can deliver quality notes to tight deadlines. I can generally compile up to 10 pages of lecture notes per day. I am known as Unrivaled Quality, Written to Standard, providing Plagiarism-free woork, and Always on Time

$95 Chat With Writer
Essay & Assignment Help

ONLINE

Essay & Assignment Help

I have a Master’s degree and experience of more than 5 years in this industry, I have worked on several similar projects of Research writing, Academic writing & Business writing and can deliver A+ quality writing even to Short Deadlines. I have successfully completed more than 2100+ projects on different websites for respective clients. I can generally write 10-15 pages daily. I am interested to hear more about the project and about the subject matter of the writing. I will deliver Premium quality work without Plagiarism at less price and time. Get quality work by awarding this project to me, I look forward to getting started for you as soon as possible. Thanks!

$95 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Powder by tobias wolff multiple choice questions - Disorders usually first diagnosed in infancy childhood and adolescence - 83 chessell drive duncraig wa - essay Is Machiavelli a modern thinker? In what ways does he represent a bridge to the past as well as to ‘Modernity’? - What is the difference between euthanasia and pas - How to dispose of palm leaf plates - 3d skin model project materials - Week 1 project - Principles of effective communication interpersonal skills - Nurse’s Role in Influencing the Legislative Process - Large 4ft magnolia sun spire tulip tree - Rome engineering an empire - How does an exoskeleton help arthropods live on land - Ethical perspectives and ethical theories - Coreldraw for screen printing - Nickel and dimed discussion questions - Project management 8.21 answers - Nursing case study examples diabetes - Hku common core courses - Otitis media soap note - Dr klinghardt foot bath - Sociological imagination assignment - Dee why rsl bowling - Medallion club of marvel stadium - Campusweb myunion edu - Unlike their greek and roman predecessors byzantine artists preferred - Why is atomic emission more sensitive to flame instability - , All Quiet on the Western Front - Culturally diverse groups in australia - Dewey system for primary schools - Objectives of tort law - Finance - TIME VALUE OF MONEY - problems - Cloud computing - Non volatile residue test - Executive Program Practical Connection Assignment - The biology of osmosis jones answers - Titebond iii ultimate wood glue msds - What is a2 + b2 = - Sathyabama university syllabus for mechanical - Critical Evaluation Essay - International conference on harmonization guidelines for good clinical practice - Electrolysis of water experiment procedure - Indian horse chapters - SOC Ch 9 - Nursing 4 - Cylindrical rotor alternator have - Mountain view realty excel assignment - Reserch paper - Computer Information System - How did tchaikovsky raise ballet music to a new level - Melting pot troy dress code - Combat oil cabinet heaters - Persuasion discussion questions - A dry cleaner uses exponential smoothing to forecast equipment - 755 bus timetable mount druitt - Research papers on virtualization in cloud computing - The debit side of an accounts receivable account is - Animal adaptations for pandas - Accounting - Recrystallization of aspirin method - Super teacher worksheets homophones - What are mutts in hunger games - Business communication amy newman pdf - Robyn and katie biggest loser - Practical connection assignment 500 WORD ( due in 4 hours MANDATORY ) NO PLAGIARISIM ). - ACC 601 Managerial Accounting - Research: Annotation and Color - Distance between hawaii and maui in cm - They say i say chapter 14 pdf - Epic of gilgamesh test answers - Enter the november 1 balances in the ledger accounts - Quantitative Evaluation 8381 - Basic laboratory techniques experiment 1 report sheet - Tenses in english grammar with examples in hindi pdf - Yellow journalism definition us history - 3 page essay - International trade case studies with questions - Attendance allowance form aa1 - Library Assignment - Paper proposal - Health finance discussion - Walden university nursing specialty comparison matrix - Create a scenario summary report excel 2013 - The stranger van allsburg comprehension questions - Case Study 3: Environmental Ethics - Two pellets each with a charge of - Improving mapreduce performance in heterogeneous environments - Types of reactions homework answer key - Blue gold world water wars summary - A school field trip essay - Integrated management system definition - B0 balance transfer credit cards - Lab 1 introduction to science exercise 1 data interpretation - Egg experiments with salt water and water - Bathing suit maxim tracy wolfson - Information needs and wants of the ancient communities - Ford analysis of strategic intent - How to cite a screenplay mla - How are interlocking spurs formed - Week 6 work