Ask Question
BusinessBusiness
30 June, 13:19

If the price of Coca-Cola increases from 50 cents to 60 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then the demand for Coca-Cola is:

+2
Answers (1)
  1. 30 June, 15:58
    0
    Relative elastic.

    Explanation:

    There is 10 cent increase in price, however, demand for coca-cola cans have reduced to 50 cans, which is propotionatly high.

    Price elasticity of demand are percentage change in demand with percentage change in price of product. Demand has inverse relationship with price of products.

    There are 4 type of price elasticity of demand:

    Perfectly elastic demand. Perfectly inelastic demand. Relatively elastic demand. Relatively inelastic demand.

    Perfectly elastic demand: Small change in price lead to greater change in demand of products.

    Perfectly inelastic demand: No change in demand of product with changes in price of product.

    Relatively elastic demand: Propotionatly greater change in demand with propotionatly lesser change in price of product.

    Relatively inelastic demand: Percentage change in demand is lesser than percentage change in price of product.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If the price of Coca-Cola increases from 50 cents to 60 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income.
Answers (1)
Joseph Company has an investment in assets of $1,224,000, operating income that is 10% of sales, and an ROI of 18%. From this information the amount of operating income would be:
Answers (1)
Liyun owns a small flower shop, and the industry is perfectly competitive. She is considering whether to hire an additional worker.
Answers (1)
Alfonzo's Italian House has 17,000 shares of stock outstanding with a par value of $1 per share and a market price of $24.60 a share. The firm just announced a stock split of three-for-two. What will be the market price per share after the split
Answers (1)
Russell Co. received a $680 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Russell Co.
Answers (2)
New Questions in Business
The following are budgeted dа ta: January February March Sales in units 15,200 20,400 18,200 Production in units 18,200 19,200 17,100 One pound of material is required for each finished unit.
Answers (1)
All of the following are associated with reporting controllable costs except:a. At lower levels, management have fewer controllable costs. b. Lower-level managers are responsible for detailed costs and so receive detailed reports. c.
Answers (1)
Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes.
Answers (1)
Samantha, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Samantha sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Samantha's gain or loss from the sale? a.
Answers (1)
In a process cost system, the amount of work in process inventory is valued by a. allocating departmental costs between completed and partially completed units b. finding the sum of all completed jobs c.
Answers (1)
Home » Business » If the price of Coca-Cola increases from 50 cents to 60 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then the demand for Coca-Cola is:
Sign Up Forgot Password?