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What is the difference between elasticity and inelasticity of demand?

Inelasticity is a good that you will buy nomatter the price change. Elasticity is when the price of a product increases demand for the product will decrease.


What factor has the greatest influence on elasticity and inelasticity of supply?

time


What factor has the grestest influence on elasticity and inelasticity of supply?

price of the commodity


What element in milk products also contributes to healthy bones?

Calcium


Due to this inelasticity of supply land prices are increasing rapidly and this can lead to higher house price.discuss the validity if this statement.?

yes it is the size of your house yes it is the size of your house


Is tobaco elastic or inelastic?

Tobacco is generally considered inelastic, meaning that changes in price have a relatively small effect on the quantity demanded. This inelasticity is due to the addictive nature of nicotine, which leads consumers to continue purchasing tobacco products despite price increases. As a result, even significant tax hikes or price rises typically do not lead to a proportional decrease in consumption.


Why is it important for a comapny to know how different products contribute financially to overall company profits?

When a business knows what products contributes the most financially, they can establish a production environment around these products, which helps maximize their profits. Managers look at product margins to determine which products are most profitable.


Which group does the USDA food guide contributes an abundance of high quality protein?

Fish, meat, poultry and dairy products


What is butterfat used to produce?

Butterfat is primarily used to produce butter, cream, ice cream, and various dairy products like cheese and yogurt. It is a key ingredient that contributes to the richness and flavor of these products.


Why fair trade is important locally?

Fairtrade is important locally as in our local areas we are expected to by fairtrade products in order to ensure it is sustained, For example if you have any stores in your local area which have fairtrade products in them you can talk about how it contributes to increase fairtrade.


Why the price elasticity of necessary goods always inelastic?

the price elasticity of necessary good is always inelastic because these goods are vital for human existence and people will have to acquire them no matter their prices in order to ensure survival, hence their inelasticity.


Fungibility Inelasticity Non-excludability match these?

Fungibility refers to the property of an asset or commodity that allows it to be exchanged or substituted for another of equal value, such as money. Inelasticity describes a situation where the quantity demanded or supplied of a good does not change significantly in response to price changes, often seen in essential goods like medicine. Non-excludability is a characteristic of public goods, where it is not feasible to prevent individuals from using the good, such as clean air or national defense. Together, these concepts illustrate different economic properties affecting how goods and services are valued and consumed.