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Please answer the following questions for me. First one to finish them all correctly, will be the Brainliest. I have until 6 o’clock!

1. In what circumstances would a person buy more of an inferior good and less of a normal good?

2. Explain each of the factors that affect the elasticity of demand.

3. Explain how elasticity of demand affects the total revenue of a firm/business.

4. Summarize the law of demand.

5. Explain the 6 non-price determinants of demand which shift the demand curve.

6. How does elastic demand differ from inelastic demand?

Sagot :

123savannah123

Answer:

1.Also, the opposite relation is also true. For a normal good, if income falls, less of the normal good will be purchased. For an inferior good, if income falls, more of the inferior good will be purchased.

2.Various factors which affect the elasticity of demand of a commodity

3.If demand is elastic at a given price level, then should a company cut its price, the percentage drop in price will result in an even larger percentage increase in the quantity sold—thus raising total revenue.

4. The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded. Demand curves and demand schedules are tools used to summarize the relationship between quantity demanded and price.

5.  The determinants are: Branding. Sellers can use advertising, product differentiation, product quality, customer service, and so forth to create such strong brand images that buyers have a strong preference for their goods. Market size.

6. Elastic demand means there is a substantial change in quantity demanded when another economic factor changes (typically the price of the good or service), whereas inelastic demand means that there is only a slight (or no change) in quantity demanded of the good or service when another economic factor is changed.

Explanation: hope this works have a good day ◟(๑･ิټ･ิ๑)◞

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