Business, 07.03.2020 04:30 bgallman153p71edg

Choose the correct price-elasticity label for each pair of goods below. Assume this involves demand for the total of all people currently residing in Canada, the United States, and Mexico:

(Insert: more elastic than or less elastic than)

Cosmetic surgeryEmergency surgery

A cheeseburger at 7:00 PMat a 24-hour restaurant A cheeseburger at 2:00 AM at a 24-hour restaurant

Monthly electricity consumption Yearly electricity consumption

All cars Red cars

The Wall Street Journal Wall Street Journal at the airport

Answers: 2

Show answers

Answers

Answer from: levicorey846

Cosmetic surgery (less elastic) Emergency surgery

A cheeseburger at 7:00 PM (more elastic) at a 24-hour restaurant A cheeseburger at 2:00 AM at a 24-hour restaurant

Monthly electricity consumption (more elastic) Yearly electricity consumption

All cars (less elastic) Red cars

The Wall Street Journal (less elastic) Wall Street Journal at the airport

Explanations:

Cosmetic surgery (less elastic) Emergency surgery - The demand for cosmetic surgery is less elastic because it is an Ostensible service. IN Economics it called Ostensible service. It is named so because it not an essential service for the teeing Canadian population. It will be demanded by few wealthy psychedelic persons who want to show off the excessive wealth.

A cheeseburger at 7:00 PM (more elastic) at a 24-hour restaurant A cheeseburger at 2:00 AM at a 24-hour restaurant - The Cheeseburger is more elastic during the mentioned periods because the junk food is used by many families for breakfast and launch respectively. It is a quick ready made food for many families across the globe not only in Canada.

Monthly electricity consumption (more elastic) Yearly electricity consumption. - The monthly and yearly electricity consumption are more elastic because, they are basic utility bills paid monthly and annually to ensure steady power supply.

All cars (less elastic) Red cars - Since choices of colours differs according to individuals, the option of all red cars for everybody is completely ruled out. Therefore, there are no laws mandating the car companies making cars for Canadians to make all red cars for any reason whatsoever.

The Wall Street Journal (less elastic) Wall Street Journal at the airport.

People are free to also make choices of papers to read at airports. The Wall Street Journal is not the only dailies sold in airports. Readers read only dailies that supply their daily news needs.

Definition of Term

Ostensible Services or goods:

Definition of ostensible. 1 : intended for display : open to view. 2 : being such in appearance : plausible rather than demonstrably true or real the ostensible purpose for the trip.

Answer from: Quest

you can put this in your 11 sentence summary

" most of the money would be invested in innovation, economic convergence."

Answer from: Quest

answer; normative economics;

Another question on Business

Business, 22.06.2019 00:30

Aprice ceiling is â€śbindingâ€ť if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a â€śnon-bindingâ€ť price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is â€śbindingâ€ť because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

Answers: 1

Answer

Business, 22.06.2019 01:50

Amanda rice has just arranged to purchase a $640,000 vacation home in the bahamas with a 20 percent down payment. the mortgage has a 7 percent apr compounded monthly and calls for equal monthly payments over the next 30 years. her first payment will be due one month from now. however, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of year 8. there were no other transaction costs or finance charges. how much will amanda’s balloon payment be in eight years

Answers: 3

Answer

Business, 22.06.2019 02:50

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest.extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of

Answers: 3

Answer

Business, 22.06.2019 07:30

Jewelry manufacturers produce a range of products such as rings, necklaces, bracelets, and brooches. what fundamental economic question are they addressing by offering this range of items?

Answers: 3

Answer

You know the right answer?

Choose the correct price-elasticity label for each pair of goods below. Assume this involves demand...

Questions