Tag: Inelastic Demand Curve

Explain why quantity demanded does not change in response to an increase or decrease in price.

Write a discussion post that identifies real world goods or services that have elastic/inelastic demand.

Name a specific good or service that has inelastic demand (it has a steep demand curve).

Explain why quantity demanded does not change in response to an increase or decrease in price.

Then name a specific good or service that has elastic demand (it has a relatively flat demand curve).

Explain why quantity demanded does change a lot in response to an increase or decrease in price.

Which of these two goods is most likely to be taxed.

Explain why you are focused on these particular factors – why do you think they are the most important things to consider?

Minimum Wage

Explain why you chose these parameters as worthy of consideration.

briefly describe the most important factors to be examined in this decision.

Explain why you are focused on these particular factors – why do you think they are the most important things to consider? (~ ½ page)

Identify the assumptions made in the arguments made on both sides of the issue – for example, why might someone argue that the demand for entry-level fast-food workers is inelastic? Do you identify any biases in your evidence? ((1/2 page)

Given all the above, what is your position on raising the minimum wage to $15 nationwide?

Which situation could lead to a fall in sales revenue for producers with the discovery of new technology? Why are producers still inclined to implement new technology in the production process?

ECON1101-CHAPTER 5

Based on the passage above make sure that you are responding to the following questions in your video:

Based on your reading of Chapter 5: Elasticity, and the article above, what factor would you think determines how firms can pass on costs or retain profit shares from sales of a product when key input prices fluctuate?

The article above mentions the product Aspirin and Coffee.
Is Aspirin likely to have an elastic or inelastic Demand Curve?
Is Coffee likely to have an elastic or inelastic Demand Curve?

Looking at the Figure above, what do you conclude:Which demand curve, elastic or inelastic, is more beneficial to consumers in terms of Price decrease? Why?

Looking at the Figure above, what do you conclude:
Which situation could lead to a fall in sales revenue for producers with the discovery of new technology? Why are producers still inclined to implement new technology in the production process?

Since the demand for food is generally inelastic, which of the two graphs would you apply to the market for agricultural products? explain what would happen to prices and quantity
if there is a surge in production
Due to poor weather or other factors supply of crops decreases.