Question: Which Of The Following Reasons Explains The High Prices Of Antiques?

Which of the following are the main sources of gold price fluctuations?

Which of the following are the main sources of gold price fluctuations? shifts in demand; highly inelastic supply; How is total revenue calculated?

What type of demand is represented by a given change in price that leads to a larger change in the quantity demanded?

Elastic demand or supply curves indicate that quantity demanded or supplied respond to price changes in a greater than proportional manner. An inelastic demand or supply curve is one where a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied.

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Which of the following measures the responsiveness of consumers to changes in price?

The price elasticity of demand (PED) captures how price -sensitive consumers are for a given product or service by measuring the responsiveness of quantity demanded to changes in the good’s own price.

When the price elasticity of demand is relatively price inelastic a price increase will have what effect on total revenue?

On the other hand, if the price for an inelastic good is increased and the demand does not change, the total revenue increases due to the higher price and static quantity demanded. However, price increases typically do lead to a small decrease in quantity demanded.

Will gold price go down in 2020?

Despite the stellar run in calendar year 2020 (CY20), gold remains an attractive investment for 2021 with prices likely to inch up further in the new year, say analysts. Investors, they believe, will be better off staying put in the yellow metal for now.

Will gold prices fall?

Gold futures in Indian markets ended 0.44% lower at ₹47560 per 10 gram on Friday but for the week posted marginal gains of about ₹200.

What is an example of quantity demanded?

An Example of Quantity Demanded Say, for example, at the price of $5 per hot dog, consumers buy two hot dogs per day; the quantity demanded is two. If vendors decide to increase the price of a hot dog to $6, then consumers only purchase one hot dog per day.

What is the difference between change in demand and quantity demanded?

A change in demand means that the entire demand curve shifts either left or right. A change in quantity demanded refers to a movement along the demand curve, which is caused only by a chance in price.

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What is the percentage change in quantity demanded?

Price elasticity is the ratio between the percentage change in the quantity demanded (Qd) or supplied (Qs) and the corresponding percent change in price. The price elasticity of demand is the percentage change in the quantity demanded of a good or service divided by the percentage change in the price.

What happens when elasticity is 0?

If elasticity = 0, then it is said to be ‘perfectly’ inelastic, meaning its demand will remain unchanged at any price.

Why is ped negative?

The value of Price Elasticity of Demand ( PED ) is always negative, i.e. price and demand have an inverse relationship. This is because the ratio of changes of the two variables is in opposite directions, so if the price goes up, demand goes down and the change will end up negative.

What is an example of a perfectly elastic good?

Examples of perfectly elastic products are luxury products such as jewels, gold, and high-end cars.

What is an example of inelastic demand?

In economics, inelastic demand occurs when the demand for a product doesn’t change as much as the price. For example, if the price increases 20%, but the demand only goes down by 1%, the demand for that product is said to be inelastic.

What is an example of perfectly inelastic demand?

An example of perfectly inelastic demand would be a lifesaving drug that people will pay any price to obtain. Even if the price of the drug would increase dramatically, the quantity demanded would remain unchanged.

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What is the relationship between elasticity of demand and total revenue?

If demand is elastic at a given price level, then should a company cut its price, the percentage drop in price will result in an even larger percentage increase in the quantity sold—thus raising total revenue.

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