Probable demand to be least price elastic

Of the given, the good for that demand is probable to be least price elastic is: (i) electricity used to light downtown streets. (ii) airline tickets in late December. (iii) Bic pens. (iv) chocolate milk. (v) Merit cigarettes.

Hey friends please give your opinion for the problem of Economics that is given above.

View Complete Question

Related Questions in Microeconomics

Q : Problem on Buyers market I have a

I have a problem in economics on Buyers market. Please help me in the following question. The buyer’s market is a market in which: (1) Queuing to secure goods is very common. (2) The present market price is beneath equilibrium. (3) Quantity dema

Q : Horizontal summation of individual

The purely competitive industry’s demand for the labor is: (i) Less elastic than the horizontal summation of individual firm’s demands. (ii) Perfectly elastic. (iii) Upward sloping as of the diminishing marginal returns to labor. (iv) Equi

Q : Examples of command economies Give the

Give the answer of following question .Tell examples of command economies: A) the United States and Japan. B) Sweden and Norway. C) Mexico and Brazil. D) Cuba and North Korea.

Q : Profit maximization at the rate of

At the rate of output, profits are maximized where marginal: (i) revenue is maximized. (ii) revenue equals marginal cost. (iii) revenue exceeds marginal cost by the greatest amount. (iv) cost is minimized. Can some

Q : Aid for Dependent Children in Welfare

The Aid for Dependent Children (AFDC), program has been condemned most for: (w) high crime rates among the poor. (x) the disintegration of low income family structures. (y) indifference to the plight of the less fortunate. (z) the bankruptcies of Clev

Q : Most efficient technology at the lowest

When all goods are produced in highly competitive markets as well as there are no externalities, goods tend to be manufactured: (i) relatively inefficiently. (ii) along with the most efficient technology at the lowest price. (iii) along with maximum p

Q : Total variable costs in pure competition

This profit-maximizing, as in demonstrated graph, of brickyard’s total variable costs are about: (i) $200 per day. (ii) $600 per day. (iii) $750 per day. (iv) $900 per day. (v) $1200 per day.

Q : Central problems of an economy

Elucidate the central problems of an economy: A) What to produce? B) How to produce? C) For whom to produce? Answer:

Q : Saving schedule Refer to the given

Refer to the given figure.Choose the right answer from following. If the relevant saving schedule were constructed: A) saving would be minus $20 billion at the zero level of income. B) aggregate saving would be $60 at the $60 billion level of income. C) its slope woul

Q : Determine elasticity of supply when

When a $5 price hike raises the number of tanks of dehydrated water supplied into this market from point a to point b, there elasticity of supply is: (w) 4.5. (x) 3.0. (y) 1.5. (z) 0.5.

Discover Q & A

Leading Solution Library

Avail More Than 1460008 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1954346
Asked

3,689

Active Tutors

1460008

Questions
Answered

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

Submit Assignment