Pregunta
upstudy study bank question image url

Compare the demand for water with the demand for wine. The demand for water is likely A. relatively more inelastic because water is a luxury. B. relatively more elastic because water is a luxury. C. relatively more elastic because water is a necessity. D. relatively more inelastic because water is a necessity. E. equally elastic as the demand for wine.

Ask by Simmons Powers. in the United States
Mar 17,2025

Solución de inteligencia artificial de Upstudy

Respuesta verificada por el tutor

Responder

The demand for water is relatively more inelastic because it's a necessity.

Solución

¡Inicia sesión para desbloquear respuestas gratis!

Una plataforma de aprendizaje en la que confían millones de estudiantes y profesores reales.

star-icon Descubrir

Respondido por UpStudy AI y revisado por un tutor profesional

The Deep Dive

The demand for water is likely relatively more inelastic because it is a necessity for survival. Unlike wine, which is considered a luxury and has more flexible demand, people need water to live, making them less sensitive to price changes in the short term. So, even if the price of water increases, people will still need to purchase it, leading to a less elastic demand curve. On the other hand, the demand for wine is typically more elastic because it is not essential for survival. People can easily reduce their wine consumption or switch to other beverages if prices rise. As a luxury item, consumers have the freedom to make choices based on price, leading to greater sensitivity to changes in demand when prices fluctuate.

preguntas relacionadas

2 QUESTION 1 : CONCEPTS,JOURNALS AND POSTING (78 marks; 70 Minutos) 1.1. CONCEPTS REQUIRED: Indicate whether the following statements are TRUE or FALSE. Write only 'true' or 'false' next to the question number (1.1.1-1.1.5). 1.1.1 Trading stock, bank and debtors are examples of non-current assets. (1) 1.1.2 A bank overdraft is a facility that allows the business to use more money than they have in their current banking account. (1) 1.1.3 Non-current liabilities are payable within a period of one year. 1.1.4 A creditor is a person or business that is owed money for goods or services they supplied on credit. 1.1.5 Equipment such as a cash register and printers are used to generate income for the business. 1.2 CASH JOURNALS JADE CREATIONS The following information was taken from the books of Jade Creations for March 2021. Jade Creations uses a mark-up of \( 60 \% \) for all merchandise sold. REQUIRED: 1.2.1 Complete the following Journals in the financial records of Jade Creations for March 2021: - Cash Receipts Journal - Cash Payments Journal 1.2.2 Post to the Bank Account in the General Ledger. Balance the account at the end of March 2021. Note: The opening balance is recorded in the answer book. RANSACTIONS FOR MARCH 2021 Paid Thato Suppliers for trading stock, R12 800 and stationery, R350 (EFT 190). Cash sales for the week amounted to R6 520 (CRR 01). Received an EFT 05 from R Rose for the rent for March 2021, R5 300. Invested R20 000 in a fixed deposit at UK Bank at an interest of \( 9 \% \) per annum, (EFT 191). Transferred weekly wages to the account of Sheila, R2 500, and EFT 192. Grade 10 Controlled test-Question paper 07 April 2021

Latest Economics Questions

¡Prueba Premium ahora!
¡Prueba Premium y hazle a Thoth AI preguntas de matemáticas ilimitadas ahora!
Quizas mas tarde Hazte Premium
Estudiar puede ser una verdadera lucha
¿Por qué no estudiarlo en UpStudy?
Seleccione su plan a continuación
Prima

Puedes disfrutar

Empieza ahora
  • Explicaciones paso a paso
  • Tutores expertos en vivo 24/7
  • Número ilimitado de preguntas
  • Sin interrupciones
  • Acceso completo a Respuesta y Solución
  • Acceso completo al chat de PDF, al chat de UpStudy y al chat de navegación
Básico

Totalmente gratis pero limitado

  • Solución limitada
Bienvenido a ¡Estudia ahora!
Inicie sesión para continuar con el recorrido de Thoth AI Chat
Continuar con correo electrónico
O continuar con
Al hacer clic en "Iniciar sesión", acepta nuestros términos y condiciones. Términos de Uso & Política de privacidad