For luxury items absolute value of price elasticity

The absolute value of price elasticity of demand tends to be lower when: (w) the greater the number of substitutes available. (x) the more important the product is in classical budgets. (y) for necessities than for luxury items. (z) when more time is permitted to adjust to price changes.

I need a good answer on the topic of Economic problems. Please give me your suggestion for the same by using above options.

View Complete Question

Related Questions in Microeconomics

Q : Price ceiling set below equilibrium A

A price ceiling set below equilibrium will raise the: (w) quantity supplied. (x) good’s opportunity cost to buyers. (y) sellers’ profits. (z) rate of excess supply. How can I solve my economics

Q : Income effect on leisure Can someone

Can someone please help me in finding out the accurate answer from the following question. The individual’s labor supply curve is negatively sloped [that is, backward-bending] in the range of wages if the: (i) Demand for goods exceed the demand for leisure. (ii)

Q : Tastes and Preferences in travel

Can someone help me in finding out the right answer from the given options. Raised ‘love boat’ ticket sales in response to a sequence of stunning travel commercials point out a raise in the: (i) Quantity of romantic vacations demanded. (ii) Demand for the

Q : Absolute value for price elasticity of

The price elasticity of demand for Robot Butlers includes the greatest absolute value at an exact price of: (i) $20,000. (ii) $16,000. (iii) $12,000. (iv) $8,000. (v) $4,000.

Q : Making error of omission Numerous big

Numerous big publishing companies refused to publish a horror novel since the author was nameless. The author ultimately found a small publishing house to publish his book. The book sold millions of copies and produced hundreds of thousands of dollars in total revenue

Q : Output produces by monopolistic

This monopolistic competitor generates Q0 output where is: (1) MR = MC. (2) MSB > MSC. (3) average cost is not minimized. (4) P = ATC. (5) All of the above.

Q : Sole Proprietorships and Partnerships

Can someone please help me in finding out the precise answer from the following question. Relative to corporations, drawbacks to the owners of sole partnerships and proprietorships comprise: (i) Unlimited liability. (2) Extreme government regulation. (3) Limited

Q : Determine linear demand curve-elasticity

Beside a negatively sloped, that has straight-line demand curve, there one constant is: (w) price. (x) quantity demanded. (y) slope. (z) the price elasticity of demand. Please guys help to solve this problem of

Q : Study of Microeconomics primarily

Microeconomics primarily consist the study of: (w) unemployment, inflation, and our monetary system. (x) capitalism versus socialism. (y) individual decision making within households, industries and firms. (z) rational budgeting through government and

Q : Profit-maximizing pure competitor at

The break-even point as illustrated below for that profit-maximizing pure competitor happens at the price consequent to: (w) point f. (x) point h. (y) point j. (z) point k.

Discover Q & A

Leading Solution Library

Avail More Than 1431759 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1957690
Asked

3,689

Active Tutors

1431759

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment