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Since Sugar is a necessary commodity i.e. it is necessary for the human body to consume some quantity of sugar in order to avoid problems of insulin, the demand for sugar is bound to be less elastic than the demand for gasoline. This is also because sugar tends to represent a smaller fraction of a consumer's budget and hence fluctuations in prices do not receive greater responsiveness from the consumers.
Ans. (D)
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Compare the demand for sugar with demand for gasoline. The demand for sugar is likely O...
Compare the demand for pencils with demand for gasoline. The demand for pencils is likely O...
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Compare the demand for pencils with demand for gasoline. The demand for pencils is likely O A. more inelastic because pencils tend to represent a smaller fraction of a consumer's budget. OB. more elastic because pencils tend to represent a smaller fraction of a consumer's budget. O C. more inelastic because pencils tend to be purchased more frequently OD. more elastic because pencils tend to be purchased in larger quantities O E. more elastic because pencils tend to represent a...
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Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
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Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. It is not possible to distinguish any relationship among the goods. Good X and Good Y Good Y and Good Z Good X and Good Z If the market for a product is broadly defined, then the expenditure on the good is likely to make up a large share of one's budget there are...
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