Elastic demand - Study guides, Class notes & Summaries

ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points Demand is price inelastic if: the price of the good responds slightly to a quantity change. the demand curve shifts very little when a demand shifter changes. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price. all of the above are true. Question 2 10 / 10 points If the absolute value of price elasticity is greater than 1, thi...

BUSML 3250 Final Exam Review with Complete Solutions What is a price? The amount of money charged for a product or service. What is value-based pricing? Price is considered along with other marketing mix variables before the marketing program is set What are the steps in (customer) value-based pricing? 1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver value...

In order to be a successful price discriminator, a provider must have a degree of market power (depicted by a downward-sloping demand curve) and meet what other condition(s)? a. Customers cannot know that different prices are being charged. b. Markets must be segmentable, identifying differences in ability to pay. c. Demand for services must be relatively price elastic. d. Profitable service expansion opportunities must be limited. e. The provider must have excess capacity to accommodate t...

Test Bank Business Marketing Management B2B, 11th Edition, Michael D. Hutt, Thomas W. Speh IM Part 3: Exam Questions: MC, TF, SA, Essay Chapter 1—A Business Marketing Perspective MULTIPLE CHOICE 1. The business market consists of the following three components: a. commercial enterprises, resellers, and government. b. manufacturers, institutions, and defense. c. manufacturers, service organizations, and government. d. commercial enterprises, service organizations, and government. e. c...

Test Bank Business Marketing Management B2B, 11th Edition, Michael D. Hutt, Thomas W. Speh IM Part 3: Exam Questions: MC, TF, SA, Essay Chapter 1—A Business Marketing Perspective MULTIPLE CHOICE 1. The business market consists of the following three components: a. commercial enterprises, resellers, and government. b. manufacturers, institutions, and defense. c. manufacturers, service organizations, and government. d. commercial enterprises, service organizations, and government. e. commercial ...

Toothpaste and toothbrushes are complements, so the ________ elasticity of demand is ________. Correct Answer-cross; negative If two variables are positively related Correct Answer-they move in the same direction over time If demand is price elastic, Correct Answer-a 1 percent decrease in the price leads to an increase in the quantity demanded that exceeds 1 percent. Which of the following is a microeconomic topic? Correct Answer-the reasons why Kathy buys less orange juice Producers...

Ec248 Final Exam Questions With 100% Correct Answers. Utilization of health care is often the starting point for studies into the need and/or demand for health care because A.the concepts are interchangeable and utilization is easiest to measure. B.demand and utilization are equal and need is unobservable. C.demand and utilization are similar and utilization is easy to measure. D.utilization is observable and offers information on demand and need. - answerD.utilization is observable and ...

Which of the following will not increase the demand for burritos? a.A big burritos sale. b.The discovery that eating burritos cures cancer. c.A rise in the price of burgers, a substitute. d.A fall in the price of guacamole, a complement. e.All of the above will increase the demand for burritos. a.A big burritos sale. Which of the following will not decrease the supply of burritos. discovery that eating burritos causes cancer. b.a rise in the price of the tortillas used to make bu...

When you launch an Amazon Elastic Compute Cloud (Amazon EC2) instance, what does the instance type define? : The amount of compute for an Amazon EC2 instance, including RAM, instance storage, CPU, and network bandwidth. When you launch an Amazon Elastic Compute Cloud (Amazon EC2) instance, what is defined by the Amazon Machine Image (AMI)? : The initial software state of the instance when launched, including operating system, configuration, and additional installed programs. What is t...

Price ceiling Correct Answer--a legal maximum on the price of a good or service -Example: Rent Control Price Floor Correct Answer--legal minimum on the price of a good or service -Example: Minimum Wage A price ceiling above the equilibrium price is _____ Correct Answer-Not Binding, has no effect on the market outcome The ceiling is a _______ on the price, which causes a shortage Correct Answer--Binding Constraint -Causes a shortage For supply and demand, price is more elastic in...