WebA Given the numerous alternatives, consumers' demand for fast food is relatively elastic and the tax will likely work to discourage fast food consumption. х Given the numerous Show transcribed image text Expert Answer 100% (1 rating) Web(C) Find the elasticity of demand, E (p). (D) For which values of p is demand elastic? Inelastic? Unit elastic? (E) If p = $ C and the price is increased, will revenue increase or decrease? 4. [15 pts] The price-demand equation for hamburgers at a fast-food restaurant is x + 400 p = 3, 000 Currently, the price of a hamburger is $3.00.

College&Univ Knowledge: Is Junk Food Elastic or …

WebGoods such as necessary goods, basic goods or daily requirements, or inferior goods typically are inelastic. Without those goods, the consumers feel uneasy, and sometimes, they do not even notice the product’s price as they require it. Without it, … WebExplains that the elasticity of the sale of microwave ovens in regards to their product is 0.07. this is below 1, which would show an inelastic relationship. Opines that the firm should cut prices in order to increase demand. the price elasticity is over 1, so the product is elastic. semco construction bartow

Examples of Elastic and Inelastic Demand Microeconomics

WebOct 16, 2024 · A food is said to be price elastic – responsive to price – if its absolute value of own-price elasticity exceeds 1.0. McDonalds is confronted with an extremely competitive market in the fast food industry. It would result in a loss of demand rather than an increase in sales if prices were raised excessively. WebFast-food chain restaurants are a classic example of monopolistic competition. Think about it, you have many fast-food restaurants to choose from on the market: McDonald's, KFC, … WebFeb 7, 2024 · According to US Dept of Food, the price elasticity of demand for bread and cereals at 0.04 — that is, it would take a 25 percent rise in price to induce a 1 percent fall … semco construction brockport