Commodities of inelastic demand
Which of the given commodities contain inelastic demand? A) Salt B) A particular brand of lipstick C) Medicines D) Mobile phone E) School uniform
Expert
Salt, medicines and school uniform encompass inelastic demand. The cause being that a consumer has to purchase such commodities even via price of such commodities changes.
Even a substantial modification in price leaves the demand unaffected.
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When the last unit produced and sold adds $100 to revenue of a firm and $75 to its costs, this will: (a) increase output to increase profit. (b) reduce output to increase profit. (c) maintain similar level of output to maximize profit. (d) shut down. Discover Q & A Leading Solution Library Avail More Than 1421636 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1933759 Asked 3,689 Active Tutors 1421636 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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