Show Recommended textbook solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,042 solutions Microeconomics3rd EditionPaul Krugman, Robin Wells 312 solutions Essential Foundations of Economics7th EditionMichael Parkin, Robin Bade 232 solutions Essentials of Investments7th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 425 solutions What is elastic demand quizlet?Elasticity of Demand. A measure of how strongly consumers respond to a change in the price of a good, calculated as the percentage change in the quantity demanded divided by the percentage change in price.
Which good is considered to have an inelastic demand?The most common goods with inelastic demand are utilities, prescription drugs, and tobacco products. In general, necessities and medical treatments tend to be inelastic, while luxury goods tend to be most elastic.
What type of demand is represented by a small change in price that leads to a large change in the quantity demanded?Elasticity of demand is an important variation on the concept of demand. Demand can be classified as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded due to a change in price is large.
When consumers decrease their purchases of good as their income rises the good is known as an good?Key Takeaways. An inferior good is one whose demand drops when people's incomes rise.
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The government pays close attention to the ______ when it selects which goods and services to tax.
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