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Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same! 19)The demand for a good is more elastic if the19) Get answer to your question and much more 20)If a product is narrowly defined, it is likely to20) Get answer to your question and much more 21)The price elasticity of demand for Red Delicious apples, a certain type of apple, is likely21) Get answer to your question and much more 22)One reason why the demand for gasoline is inelastic is because22)A)buses run on diesel fuel rather than gasoline.B)substitutes for gas abound.C)substitutes for gas are hard to find.D)people have a long time to shop around for automobiles that use less gas.E)gasoline is a luxury item. 23)The longer the time that has elapsed since the price of a good changed, the23) Get answer to your question and much more 24)As more time passes, the price elasticity of gasoline24) Get answer to your question and much more 25)Demand for a product tends to be more elastic the longer the time period considered because25) Get answer to your question and much more This topic contains a solution. Click here to go to the answer
Did you know? In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz. Did you know? Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons. Did you know? Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems. Did you know? Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better. Did you know? When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream. What is the price elasticity of demand for Apple?In the real world, price elasticity of demand can be closely tied to brand reputation. For example, Apple has inelastic products because changes in price have little effect on demand: shoppers will still line up outside the store for a new Apple product.
Is the demand for apples inelastic?The correct answer is: D. An increase in the supply of apples will decrease total revenue from apple sales. Reason: An elasticity of 0.75 indicates that the demand for apple is relatively inelastic.
Are fruit apples elastic or inelastic?All fruits are own-price elastic with the exception of bananas which are slightly inelastic, but not significantly so. Apples, pears, and bananas are expenditure inelastic while oranges, grapes and other fruits are expenditure elastic.
What happens to price elasticity of demand as the price of a good increases along a linear demand curve?The price elasticity of demand in absolute value increase as we move upward along the linear demand curve. In the lower part of the demand curve, the elasticity value is low and equal to unity in the middle.
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The price elasticity of demand for red delicious apples, a certain type of apple, is likely
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