For each of the following pairs of goods, which good would you expect to have more...

For each of the following pairs of goods, which good would you expect to have more elastic demand.

Mansions or rental homes
Vanilla ice cream or desserts
Subway rides during the next 6 months or subway rides during the next 5 years
Pens in general or blue ballpoint pens

Solutions

Expert Solution

Mansions or rental homes

This is related to the nature of the commodity. Mansions usually has elastic demand as mansions are luxuries. But the rental homes have inelastic demand as they are necessities.

Vanilla ice cream or desserts

This is related to availability of substitutes. Vanilla ice cream has elastic demand as it has many substitutes. But desserts do not have any close substitutes and has inelastic demand.

Subway rides during the next 6 months or subway rides during the next 5 years

This related with the time period. Subway rides during the next 5 years has elastic demand as it is in the long run. The subway rides during the next 6 months has inelastic demand as it is in the short run.

Pens in general or blue ballpoint pens

It is related to market area or scope of market. The blue ball point pens has generally an elastic demand as it can be substituted by other colour pens. Pens in general has a less elastic demand.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

For each of the following pairs of goods, which good would you expect to have more...

For each of the following pairs of goods, which good would you expect to have more elastic demand and why? a) required textbooks or mystery novels? b) Beethoven recordings or classical music recording in general? c) gasoline during the next month or gasoline during the next year? d) root beer or water?

For each of the following pairs of goods, which good would you expect to have more...

For each of the following pairs of goods, which good would you expect to have more elastic demand and why? a. Required textbooks or mystery novels. b. Tim McGraw music or country music recordings in general. c. electricity during the next six months or electricity during the next five years. d. Coke or soda in general.

For each of the following pairs of goods, which good would you expect to have more...

For each of the following pairs of goods, which good would you expect to have more elastic demand and why? • Required textbooks or fictional novels [2 marks] • Allison Hinds music recordings or soca music recordings in general [2 marks] • Airfare during the next 4 months or airfare during the next 5 years [2 marks] • Fruit juice or water [2 marks]

1. (a.) Consider the following pairs of goods. Which would you expect to have more elastic...

1. (a.) Consider the following pairs of goods. Which would you expect to have more elastic demand? Explain each. (i) Food in general or rice (ii) Liquefied gas over a course of one month or liquefied gas over a course of a year. (iii) Television set or automobile (car). (iv) Water or diamonds.

Which company of each of the following pairs would you expect to be more exposed to...

Which company of each of the following pairs would you expect to be more exposed to macro risks? Pick one pair (Pair A or Pair B) and discuss. For example, if you chose Pair A, do you think it is the luxury Montreal restaurant or the established Burger Queen franchise that would be more exposed to macro risks? A luxury Montreal restaurant or an established Burger Queen franchise? B.A paint company that sells through small paint and hardware stores to...

for each of the following, which good would you expect to have more elastic demand and...

for each of the following, which good would you expect to have more elastic demand and WHY? A) Tickets to Disneyland or Healthcare B) Starbucks Coffee or Coffee in general C) Airline Flights during the next year or Airline Flights during the next 3 years D) Milk or Chocolate Milk

Consider the following pairs of goods. For which of the two goods would you expect the...

Consider the following pairs of goods. For which of the two goods would you expect the demand to be less price elastic? Why? a. Covid-19 vaccine or Patchi Chocolate b. Drink in general or Almarai Orange Juice c. Demand for cigarettes over a three months or over the course of three years. d. Petrol or the Graff Diamonds Hallucination watches.

For each of the following pairs of variables, indicate if you would expect the direction to...

For each of the following pairs of variables, indicate if you would expect the direction to be positive or negative. (a) SAT score and College GPA for students. Distance from the equator and average January temperature for US cities. Age at death and weekly cigarette consumption (b) Airfare and distance to destination Number of miles driven and asking price for a used Honda Civic listed for sale. Number of classes missed and overall course score in a class.

Which of the following pairs of goods includes a good that isexcludable and rival in...

Which of the following pairs of goods includes a good that is excludable and rival in consumption as well as a good that is excludable and not rival in consumption?Group of answer choicesA.pizza, cable TVB.pair of pants, clean airC.clean air, mathematical theoremD.basic research, fireworks display

For each of the following pairs of variables, would you expect a strong negative/positive correlation, a...

For each of the following pairs of variables, would you expect a strong negative/positive correlation, a moderate negative/positive correlation, a weak negative/positive correlation, other association or scattered. 1. The age of a used car and it’s price. 2. The weight of a new car and it’s overall miles per gallon rating. 3. The height of a person and the height of the persons father. 4. The height and IQ of a person.

Subjects