Inelastic - Study guides, Class notes & Summaries

price definition: narrowly - the amount of money charged for a product or service price definition: broadly - the sum of all the values that consumers exchange for the benefits of having or using the product or service internal factors affecting price decisions - marketing objectives marketing mix strategies costs organizational considerations external factors affecting price decisions - nature of the market and demand competition other environmental factors (economy, gov, resellers, so...

Internal/External Factors of Price - Answer-Internal Factors of Price: 1. Marketing Objective 2. Marketing Mix Strategy 3. Cost External Factors of Price: 1. Demand for your product. 2. Competition 3. Economy Price Elasticity - Answer-Elastic - Consumers buy more or less of a product when the price changes Inelastic- An increase or decrease in price will not significantly affect demand What happens to price/revenue when the demand is elastic/inelastic - Answer-Demand is... Pr...

Honors Physics Midterm Questions with Certified Answers What is the difference between speed and velocity? Speed is the measure of how fast an object is moving, while velocity includes both the speed and the direction of the object's motion. How does Newton's Third Law of Motion apply to interactions between two objects? Newton's Third Law of Motion states that for every action, there is an equal and opposite reaction, meaning that when one object exerts a force on a second obj...

e. may increase the wage paid to workers. correct answers An increase in the minimum wage a. will increase the wage paid to workers. b. will decrease the marginal physical product of workers. c. will decrease the employment of workers. d. will reduce unemployment. e. may increase the wage paid to workers. d. the more inelastic the supply curve for labour. correct answers For a monopsonistic hirer of labour the gap between labour's marginal value product and its wage rate will be ...

Define elasticity: Correct Answer-A dimensionless measure of sensitivity or responsiveness. EX: How responsive is the quantity of oil demanded to a change in the price of oil? Define the price elasticity of demand: Correct Answer-A measure of the responsiveness of quantity demanded to a change in price. More responsive equals more elastic. Price elasticity of demand = percentage change in quantity demanded / percentage change in price. Define the price elasticity of supply: Correct Answ...

Motivation Final Exam ACTUAL Questions and CORRECT Answers In what instance will the maximum amount of responding occur in order to achieve a goal or earn a reinforcer? The maximum responding occurs when A. the reinforcer changes from being inelastic to elastic B. the reinforcer becomes a luxury C. the reinforcer undergoes satisficing D. the reinforcer is the product of an extensive expected utility analysis - CORRECT ANSWER- A. the reinforcer changes from being inelastic to elastic

Biol 235 Sample Questions and Answers Rated A+ (Athabasca University) Test Bank. Package Title: Testbank Question type: Multiple Choice 1) Which of the following terms identifies the anatomical region found between the lungs that extends from the sternum to the vertebral column and from the first rib to the diaphragm? a) Epicardium b) Abdominal cavity c) Pericardium d) Mediastinum e) Thoracic cavity Answer: d Difficulty: Easy Study Objective 1: SO 20.1 Describe the anatomical location...

What is Foreign Direct Investment? - direct investment in, control over, and management of value-added activities in other countries A production function expresses the relationship between: - Quantity of resource inputs and product/service outputs. Which statement is true about productivity? - The value of the marginal product of labor equals wage in a competitive firm. quantity demanded vs. demand - Quantity demanded is the amount consumers are able and willing to purchase at each speci...

Commercial real estate assets have a number of attributes that make them unique relative to other types of investments. These attributes include the following: (x10) correct answers 1. They involve land 2.Transaction time frames are long 3. Transaction costs are high 4. they are expensive 5. They are long lasting 6. Highly regulated 7. have a long production cycle 8. are management intensive 9. are heterogeneous 10. Involve measuring return on investment 1. Long-lasting, Durable ...

Elasticity Ans: A measure of how much one economic variable responds to changes in another economic variable. Price elasticity of demand Ans: The responsiveness of the quantity demanded to a change in price, measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price. Equation for Measuring the Price Elasticity of Demand Ans: (Percentage change in quantity demanded) / (Percentage Change in Price) Price Elasticity o...