Microeconomics
If the price of housing increases significantly, what is the likely impact on the quantity demanded in the short run versus the long run?
If a government imposes a tax on a good with inelastic demand, what is the likely effect on total revenue?
Which of the following is likely to have more elastic demand: a luxury vacation or a daily cup of coffee?
Why is the demand for gasoline more elastic in the long run?
If the price elasticity of demand for a product is 0.5 and the price decreases by 20%, what is the expected percentage change in quantity demanded?
How does price elasticity of demand influence business pricing strategies?
In the context of gasoline, why is demand more elastic in the long run than in the short run?
If a new substitute for a popular product is introduced, what is the likely effect on the original product's price elasticity of demand?
How does the share of a consumer's budget spent on a good affect its price elasticity of demand?
