Business, 07.03.2020 04:30 bgallman153p71edg

Choose the correct price-elasticity label for each pair of goods below. Assume this involves demand for the total of all people currently residing in Canada, the United States, and Mexico:

(Insert: more elastic than or less elastic than)

Cosmetic surgeryEmergency surgery

A cheeseburger at 7:00 PMat a 24-hour restaurant A cheeseburger at 2:00 AM at a 24-hour restaurant

Monthly electricity consumption Yearly electricity consumption

All cars Red cars

The Wall Street Journal Wall Street Journal at the airport

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Answer from: levicorey846

Cosmetic surgery (less elastic) Emergency surgery

A cheeseburger at 7:00 PM (more elastic) at a 24-hour restaurant A cheeseburger at 2:00 AM at a 24-hour restaurant

Monthly electricity consumption (more elastic) Yearly electricity consumption

All cars (less elastic) Red cars

The Wall Street Journal (less elastic) Wall Street Journal at the airport

Explanations:

Cosmetic surgery (less elastic) Emergency surgery - The demand for cosmetic surgery is less elastic because it is an Ostensible service. IN Economics it called Ostensible service. It is named so because it not an essential service for the teeing Canadian population. It will be demanded by few wealthy psychedelic persons who want to show off the excessive wealth.

A cheeseburger at 7:00 PM (more elastic) at a 24-hour restaurant A cheeseburger at 2:00 AM at a 24-hour restaurant - The Cheeseburger is more elastic during the mentioned periods because the junk food is used by many families for breakfast and launch respectively. It is a quick ready made food for many families across the globe not only in Canada.

Monthly electricity consumption (more elastic) Yearly electricity consumption. - The monthly and yearly electricity consumption are more elastic because, they are basic utility bills paid monthly and annually to ensure steady power supply.

All cars (less elastic) Red cars - Since choices of colours differs according to individuals, the option of all red cars for everybody is completely ruled out. Therefore, there are no laws mandating the car companies making cars for Canadians to make all red cars for any reason whatsoever.

The Wall Street Journal (less elastic) Wall Street Journal at the airport.

People are free to also make choices of papers to read at airports. The Wall Street Journal is not the only dailies sold in airports. Readers read only dailies that supply their daily news needs.

Definition of Term

Ostensible Services or goods:

Definition of ostensible. 1 : intended for display : open to view. 2 : being such in appearance : plausible rather than demonstrably true or real the ostensible purpose for the trip.

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It depends on what the venn diagram is over

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Choose the correct price-elasticity label for each pair of goods below. Assume this involves demand...

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