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paulonyemakonor549
19.10.2020 •
Business
In July, Harry's shoes sold 8 pairs of purple crocs for $75 each. On the first day of August, he lowered the price of purple crocs to $50 each and sold 27 pairs during the month. Does this demonstrate Elastic Demand or Inelastic Demand?
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Ответ:
Elastic Demand
Explanation:
The term elastic means stretchy or stretching. Elastic demand implies a demand that is changing or moving.
Elastic demand is the term used to describe the demand for a good that changes due to an increase or decrease in prices. A product or service whose demand changes significantly in response to a small change in price is said to have elastic demand.
The scenario described in this case is that of elastic demand. The demand for purple crocs rose from 8 in July to 27 in august. An increase of 19 units, which represents an increase of 237 percent. The increase in demand was a result of a decrease in price from $75 to $50. The price changes by $25, which is a decline of 33 percent. A drop in price by 33 percent results in a rise in demand by 237 percent is an illustration of elastic demand.
Ответ: