Business, 21.04.2020 01:20 diamondpositive68

MIT economist Jerry Hausman has estimated the price elasticity of demand for Post Raisin Bran cereal to be minus
2.5
and the price elasticity of demand for all types of breakfast cereals to be minus
0.9.
The demand for Post Raisin Bran cereal is

and the demand for all types of breakfast cereals is
elastic, inelastic

Why might the demand for Post Raisin Bran cereal be more elastic than the demand for all types of breakfast cereals?

Answers: 3

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Answers

Answer from: gomez36495983

Elastic; Inelastic; If a good is narrowly defined

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded with any change in the price level of the product.

(a) If the price elasticity of demand is greater than one in absolute terms then the demand for that product is said to be elastic. Therefore, the demand for Post Raisin Bran cereal is elastic.

(b) Alternatively, if the price elasticity of demand is less than one in absolute terms then the demand for that product is said to be inelastic. Therefore, the demand for all types of breakfast cereals is inelastic.

(c) If the goods are narrowly defined, this means that there are large number of substitutes available. This indicates that the demand for these goods is elastic. Alternatively, if the goods are broadly defined then there are less number of substitutes are available. This means that the demand for these products is inelastic.

Answer from: Quest

Via: "if you are found to be supplying or dealing drugs, the punishment is likely to be tough. supplying drugs doesn’t just apply to dealers. if police suspect that you intend to share drugs with your friends, this is still considered to be supplying.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

- up to life in prison or an unlimited fine (or both) for a class a drug- up to 14 years in prison or an unlimited fine (or both) for a class b or class c drug."sorry if this was a school question, you didnt supply options so i assumed it was a personal question, which if it is, reconsider selling or having possesion of any drugs at all. i wish you the best!

Answer from: Quest

answer; at prices that violate government price regulations;

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MIT economist Jerry Hausman has estimated the price elasticity of demand for Post Raisin Bran cereal...