Question

Describe the applications of elasticity in various fields.

Answer 1

Answer:

1.Price Elasticity of Demand Income Elasticity of Demand Cross Elasticity of Demand Price Elasticity of Supply question

2: Judge whether the demand for following product is elastic or inelastic: i. Cornflakes ii. Porsche sports car iii. Medical Procedures (Test and expenditure for treatment) iv. Smart TV V. Pizza vi. Almarai milk vii. Jet ski viii. Tomato Give appropriate reasons. question

3 : how does the change in determinants of supply reflect in the shift of supply curve? Draw appropriate diagram 9:33 AM