An example of cost-push inflation can be seen in the oil industry. Suppose there is a sudden increase in the price of crude oil due to geopolitical tensions or reduced supply.
This increase in the cost of oil will directly impact various sectors of the economy that rely on oil as a key input, such as transportation and manufacturing. As a result, the production costs for these sectors will rise. To maintain their profit margins, businesses will pass on these increased costs to consumers by raising prices for goods and services. This, in turn, leads to a general increase in the overall price level, causing cost-push inflation.
Cost-push inflation occurs when the cost of production increases, leading to higher prices for goods and services. The primary driver behind this type of inflation is the rise in input costs, such as labor, raw materials, or energy. When these costs increase, businesses have to adjust their pricing to maintain their profit margins. As a result, the overall price level in the economy rises.
In the given example, the increase in the price of crude oil directly affects the cost of production for various industries. Higher oil prices lead to increased transportation costs, which impact the price of delivering goods. Additionally, manufacturing industries that rely on oil as an input will face higher costs for energy and raw materials. To offset these increased costs, businesses will raise their prices, causing a general increase in the price level throughout the economy.
Cost-push inflation occurs when rising input costs, such as labor or raw materials, lead to an increase in the overall price level. The example of an oil price increase demonstrates how a change in the cost of a key input can cause businesses to raise prices, passing on the increased costs to consumers. Cost-push inflation can create challenges for consumers as their purchasing power decreases, and it can also lead to wage-price spirals, where workers demand higher wages to keep up with the rising cost of living. Central banks often respond to cost-push inflation by tightening monetary policy to curb inflationary pressures.
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Assume that the reserve requirement is 20 percent and banks hold no excess reserves. (a) Assume that Kim deposits $100 of cash from her pocket into her checking account. Calculate each of the following. (i) The maximum dollar amount the commercial bank (ii) The maximum total change in demand deposits in the banking system (ii) The maximum change in the money supply (b) Assume that the Federal Reserve buys $5 million in government bonds on the open market. As a result of the open market purchase, calculate the maximum increase in the money supply in the banking system. (c) Given the increase in the money supply in part (b), what happens to real wages in the short run? Explain. initially lend can
(a) (i) The maximum dollar amount the commercial bank can lend is determined by the reserve requirement. In this case, the reserve requirement is 20 percent, so the bank must hold 20 percent of the deposited amount as reserves.
Since Kim deposited $100, the bank can lend out 80 percent of that amount, which is $80.
(ii) The maximum total change in demand deposits in the banking system is determined by the money multiplier. The money multiplier is the reciprocal of the reserve requirement.
In this case, the reserve requirement is 20 percent, so the money multiplier is 1 divided by 0.2, which equals 5. Therefore, the total change in demand deposits is $100 multiplied by the money multiplier of 5, which equals $500.
(iii) The maximum change in the money supply is also determined by the money multiplier. Since the money supply includes both currency in circulation and demand deposits, the maximum change in the money supply is the same as the maximum total change in demand deposits, which is $500.
(b) When the Federal Reserve buys $5 million in government bonds on the open market, it injects reserves into the banking system. The maximum increase in the money supply is determined by the money multiplier. If the reserve requirement is 20 percent, the money multiplier is 1 divided by 0.2, which equals 5.
Therefore, the maximum increase in the money supply is $5 million multiplied by the money multiplier of 5, which equals $25 million.
(c) The increase in the money supply can lead to an increase in aggregate demand in the short run, which can put upward pressure on prices. If nominal wages do not adjust immediately, real wages (adjusted for inflation) may decrease.
This means that the purchasing power of wages may decline, resulting in a potential decrease in real wages in the short run. However, the impact on real wages will depend on various factors such as the responsiveness of nominal wages to inflation and other economic conditions.
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The answers are:
a. The maximum loan amount is $500. The maximum total change in demand deposits is $2,500. The maximum change in the money supply is $12,500.
b. The maximum increase in the money supply is $25 million.
c. The increase in the money supply may lead to an increase in aggregate demand, which can potentially lead to higher prices and inflation.
(i) The maximum dollar amount the commercial bank can initially lend can be calculated using the formula: Maximum Loan = (1 / Reserve Requirement) * Deposit. In this case, the reserve requirement is 20 percent, so the maximum loan amount is (1 / 0.20) * $100 = $500.
(ii) The maximum total change in demand deposits in the banking system can be calculated by multiplying the maximum loan amount by the money multiplier. The money multiplier is the reciprocal of the reserve requirement. So, in this case, the maximum total change in demand deposits is $500 * (1 / 0.20) = $2,500.
(iii) The maximum change in the money supply can be calculated by multiplying the maximum total change in demand deposits by the money multiplier. In this case, the maximum change in the money supply is $2,500 * (1 / 0.20) = $12,500.
(b) The maximum increase in the money supply in the banking system as a result of the open market purchase can be calculated by multiplying the amount of the open market purchase by the money multiplier. In this case, the maximum increase in the money supply is $5 million * (1 / 0.20) = $25 million.
(c) In the short run, if wages do not increase at the same rate as prices, real wages may decrease. However, the impact on real wages can vary depending on other factors such as productivity and labor market conditions.
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What is total amount spent on wages and salary before any tax is being taken? [those ernings above £40000 are paying 40% income tax on income tax over £40000 and 20% on anything below £40000
Answer: hello your question is open ended hence I will give you a more general answer
answer : $12,000 * number of workers or $24,000 * number of workers
Explanation:
Income taxes are taxes been levied directly on the income earned by the tax payer.
According to Tax rules there is a certain amount of income an individual would have to earned before any tax will be taken, incomes below $12,000 are tax free ( for singles ) and $24,000 for married individuals ; Hence the Total amount spent on wages and salary before tax is being taken = $12,000 * number of workers or $24,000 * number of workers . ( unless otherwise stated )
HELLLPPPP
The Kids have been asked to decide whether India has more wealth than Peru. Mary says they should use the GDP while jann says they should use the GDPP. Who is right?
1. Mary
2. Jann
Neither, they should use the exports and imports
Answer: Mary
Explanation:
GDP simply means the gross domestic product and it is the value in terms of money based on the goods and services that a country produces.
With regards to the question, Mary is right as the GDP can be used to denote economic growth and also know how a particular economy is doing. Wealthy nations usually have a huge GDP.
In practice, a common way to value a share of stock when a company pays dividends is to value the dividends over the next five years or so, then find the "terminal" stock price using a benchmark PE ratio. Suppose a company just paid a dividend of \$1.41. The dividends are expected to grow at 13 percent over the next five years. In five years, the estimated payout ratio will be 30 percent and a benchmark PE will be 19. The required return is 11 percent. a. What is the target stock price in five years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. b. What is the stock price today? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.
Given: Dividend, D₀ = $1.41 Dividend growth rate, g = 13%Payout ratio, b = 30%Benchmark price-earnings ratio, Pₑ = 19 Required rate of return, r = 11%a. Target stock price after 5 years:The price of a stock depends on the dividends and their growth.
Here, the dividends are expected to grow at 13% over the next five years and then their growth will be stable at 30% payout ratio.Dividend after 1 year, D₁ = D₀(1+g) = $1.41(1+0.13) = $1.59 Dividend after 2 years, D₂ = D₁(1+g) = $1.59(1+0.13) = $1.80 Dividend after 3 years, D₃ = D₂(1+g) = $1.80(1+0.13) = $2.04 Dividend after 4 years, D₄ = D₃(1+g) = $2.04(1+0.13) = $2.30 Dividend after 5 years, D₅ = D₄(1+g) = $2.30(1+0.13) = $2.60 Dividend after 5 years will be paid out forever and the stable payout ratio will be 30%.
The negative target stock price indicates that the required rate of return is greater than the dividend growth rate. This is not possible. Hence, the answer is not meaningful .b. Stock price today:The present value of the target price in 5 years can be calculated as,P₀ = Pₑ/(1+r)⁵P₀ = -$71.45/(1+0.11)⁵ = -$36.42 This is not the correct answer.This is not possible. Hence, the answer is not meaningful.Conclusion: The values calculated in this case are incorrect. There might be some mistake in the values provided in the question. Please re-check the values and recalculate the target stock price and stock price today.
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What are 3 advantages of a command economy?
The main three advantages of command economy are listed below:
1. Centralized decision making: In a command economy, all economic decisions are made by the government. This allows for a more centralized and coordinated approach to economic planning, which can be beneficial for achieving specific economic goals, such as increasing industrial production or improving infrastructure.
2. Ability to direct resources towards priority sectors: A command economy allows the government to direct resources towards priority sectors, such as education, healthcare, and infrastructure, without the interference of market forces. This can be beneficial in ensuring that the basic needs of the population are met.
3. Greater control over inflation: Government control over the economy can help to keep inflation in check by controlling the supply of money and regulating the prices of goods and services. This can help to stabilize the economy and promote long-term growth.
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4 important things about investing retirement
Here are 4 important things to consider about investing for retirement:
Start early: The earlier you start saving and investing for retirement, the more time your money has to grow through compound interest. Even if you can only contribute a small amount, starting early can make a significant difference in the long run.
Diversify your investments: Diversification helps to spread your risk across a range of investments, reducing the impact of any single investment performing poorly. It's important to have a mix of stocks, bonds, and other investments that align with your risk tolerance and retirement goals.
Rebalance your portfolio: Over time, the performance of different investments in your portfolio may cause your asset allocation to shift. Rebalancing involves adjusting your portfolio to ensure that it stays aligned with your investment goals and risk tolerance.
Keep fees low: Investment fees can eat away at your returns over time. Be sure to compare fees across different investment options and choose those with lower fees where possible. Consider using low-cost index funds, which can provide broad market exposure with lower fees than actively managed funds.
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find how much money should be deposited in a bank paying interest at the rate of 3.5%/year compounded quarterly so that at the end of 3 years, the accumulated amount will be $80,000. (round your answer to the nearest cent.)
Depositing $70190 in a bank that offers interest at a rate of 3.5% per year compounded quarterly will result in an accumulation of $80,000 after three years.
What is the formula for compound interest?Compound interest is the practice of adding interest to the principal of a loan or deposit. It is sometimes referred to as interest on principal and interest.
The future value of a loan or investment may be determined using the formula FV = P*(1+R/N)(N*T), where FV is the future value, P is the original principal, R is the annual interest rate, N is the number of times interest is compounded annually, and T is the amount of time in years.
In the given question.
Amount = $80,000
Interest= 3.5%
Time= 3 year
compounded quarterly
A = P \((1+ \frac{r}{4}) ^{4t}\)
80,000= P \((1+ \frac{35}{4000}) ^{12}\)
80,000= P \((\frac{4035}{4000}) ^{12}\)
P= 80,000 x \((\frac{4000}{4035}) ^{12}\)
P= 80,000 x \((0.99)^{12}\)
P= $70190
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which media conglomerate was recently purchased by at&t and is now developing a new streaming service that incorporates elements of its former company?
The media conglomerate that was recently purchased by AT&T is Time Warner. Time Warner is a media and entertainment conglomerate that owns properties such as HBO, Warner Bros. Pictures, Warner Bros.
Television, Turner Broadcasting System, and more. With the acquisition of Time Warner, AT&T is now developing a new streaming service called HBO Max. The streaming service will build upon the existing HBO library, offering both original and acquired content, as well as content from the other former Time Warner properties. HBO Max will be an on-demand streaming service, available on all major platforms, offering an impressive library of TV shows, movies, and documentaries.
It will also offer exclusive content, such as the new series "Love Life" starring Anna Kendrick, and the highly-anticipated new series "The Flight Attendant" starring Kaley Cuoco. HBO Max will also offer content from DC Comics, Cartoon Network, and other Time Warner properties. This new streaming service is expected to launch in the Spring of 2020.
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What is a creditor legally required to do if you dispute a debt?
O A. The creditor must cancel the dispute.
B. The creditor must investigate the dispute.
O c. The creditor can ignore the dispute.
O D. The creditor may choose to ignore the dispute.
A creditor is legally required to investigate the dispute if the debtor dispute a debt.
What is a debt dispute?This refers to an disagreement between the creditor and the committee as to the existence of a debt owed by the committee.
Hence, he creditor is legally required to investigate the dispute if the debtor dispute a debt.
Therefore, the Option B is correct.
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An investor deposits $20,000 in a bank account that offers an APR 7.9% .How many years will take the investment to double ?
Answer:
The number of years it will take for the investment to double is approximately 9.1162 years (9 years, 1 month and 12 days)
Explanation:
The principal amount the investor deposits in the bank, P = $20,000.00
The annual percentage rate the bank applies to the principal, r = 7.9%
The amount, 'A', in the bank account after a given number of years, 't', is given as follows;
\(A = P \cdot \left(1 + \dfrac{r}{n} \right)^{n\cdot t}\)
Where;
n = The number of times the interest rate is applied per time period = 1
When the investment (principal amount) doubles, we have;
A = 2·P
r = 0.079
P = $20,000
Plugging in the values into the equation that gives that amount in the account after 't' years, we get;
\(2\cdot P = P \cdot \left(1 + \dfrac{r}{n} \right)^{n\cdot t}\)
\(2 = \left(1 + \dfrac{r}{n} \right)^{n\cdot t}\)
\(2 = \left(1 + \dfrac{0.079}{1} \right)^{1\times t}\)
\(\therefore 2 = \left(1 .079}{1} \right)^{ t}\)
\(t = \dfrac{ln(2)}{ln(1.079)} =\dfrac{196372}{21541} \approx 9.1162 \, years\)
Therefore, it would take t ≈ 9.1162 years for the investment to double
explain advertisement
Answer: Advertisement is a marketing communication. It is used to promote businesses and their products. Used to promote more effectiveness in a businesses profit and their sales. May be seen in the form of commercials or billboard announcements in everyday life.
Analyse why the social benefit of education exceed the private benefit
Answer:
dddddddddddd
Explanation:
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if the cost of the beginning work in process inventory is $63,000, direct materials cost is $353,000, direct labor cost is $219,000, and overhead cost is $322,000, and the ending work in process inventory is $58,000, calculate the cost of goods manufactured.
Cost of goods manufactured = Beginning WIP + Costs added - Ending WIP
= 56,000+346,000+212,000+315,000-51,000
=$878,000. Hence, option D is appropriate.
What is the WIP?
The terms "work in process,"(WIP) "work in progress," "goods in process," and "in-process inventory" all relate to the worth of an industry's partially finished goods that are awaiting completion and potential sales. WIP is a vital input for computing inventory on even a company's balance sheet and is utilized in supply chain management.
You would need to manually count each object and calculate the valuation to determine the WIP correctly. Fortunately, you can calculate a precise estimate using the work-in-process formula. The formula is: Ending WIP Inventory = Starting WIP Inventory + Manufacturing Costs - COGM.
Hence, option D is correct.
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Full Question:-
If the cost of the beginning work in process inventory is $56,000, direct materials cost is $346,000, Direct labor cost is $212,000, Overhead cost is $315,000, and the Ending work in process inventory is $51,000, Calculate the cost of goods manufactured:
a) $980,000.
b) $563,000.
c) $873,000.
d) $878,000.
e) $929,000.
Under MSRB rules, a registered representative is prohibited from sharing in the gains and losses of a customer's account unless the:
Answer:
D)
Explanation:
This is the case unless the registered representative contributes capital proportionate to his sharing percentage and receives written approval of the principal. This is because the MSRB clearly prohibits this, but if the registered representative opens a joint account with the customer (granted the customer approves), and shares in both the gains and losses of the account with a proportionate capital contribution, then both are entering into the same risk and are allowed to share in the gains and losses. This is as long as the principal provides written approval.
.The likelihood that the Fed will implement a change that will seriously harm the economy is minimized by the fact that:
A. only bright, well-intentioned people are appointed to key roles at the Fed.
B. Congress can remove the Chairman of the Fed at any time.
C. the Board of Governors ultimately must answer to the U.S. President since he can replace them.
D. there is decision making by committee.
The likelihood that the Fed will implement a change that will seriously harm the economy is minimized by the fact that there is decision making by committee.
This means that multiple individuals with different perspectives and expertise are involved in the decision-making process, reducing the likelihood of a single individual making a harmful decision.
Additionally, all options listed (A, B, and C) contribute to the overall system of checks and balances within the Fed and its relationship to the government.
The decision making by committee within the Federal Reserve helps to minimize the risk of harmful economic changes, as it encourages diverse perspectives and thorough evaluation of policies before they are implemented. This approach helps to prevent one individual's bias or mistake from causing significant damage to the economy.
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Maria Jensen, an insurance agent, earns a 40% commission on her sales. If Maria earned a commission of $1,500 in her first week on the job, what were her total sales for the week?
Maria Jensen is an insurance agent who earns a commission of 40% on her sales. In her first week on the job, Maria earned a commission of $1,500.
We can solve the problem by using the formula below;
C = P x Rwhere;C = Commission earnedP = Total salesR = Commission rate
Maria's commission rate is 40%. That means the commission she earned represents 40% of the total sales.
We can represent the total sales with the letter "S." We can,
herefore, write an equation below to represent the information given in the problem;
1,500 = 0.40S
We can solve for S by dividing both sides of the equation by 0.40;1,500/0.40 = S3750 = S
Total sales for the week were $3,750.
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10. What's money used to start up a new small
business or help a business expand during a growth
period?
You look for seed finance from angel investors, then proceed to venture capitalists, and finally make an initial public offering, depending on the stage your business is in and its capacity to generate profits (IPO).
What Is Startup Capital?
The money a new business raises to cover its start-up expenses is referred to as startup capital. A strong business plan or a working prototype must be built by entrepreneurs seeking startup money in order to sell their concept.
Which funding options do small business owners frequently use?
When they are short on cash, small enterprises in the startup stage may employ debt finance or equity financing to raise money. One type of debt financing that small business entrepreneurs use is a bank loan. Allowing stakeholders to own a portion of the company is known as equity financing.
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Leonard, a company that manufactures explosion-proof motors, is considering two alternatives for expanding its international export capacity. Option 1 requires equipment purchases of $915,000 now and $410,000 two years from now, with annual M\&O costs of $60,000 in years 1 through 10 . Option 2 involves subcontracting some of the production at costs of $205,000 per year beginning now through the end of year 10. Neither option will have a significant salvage value. Use a present worth analysis to determine which option is more attractive at the company's MARR of 20% per year. The present worth of option 1 is $ and that of option 2 is $ Option is more attractive.
To determine which option is more attractive, we need to calculate the present worth of each option.
For option 1, we have equipment purchases of $915,000 now and $410,000 two years from now, with annual M&O costs of $60,000 in years 1 through 10.
To calculate the present worth of these cash flows, we need to discount them to their present values using the MARR of 20% per year.
The present worth of the equipment purchases can be calculated as follows:
\(Present Worth of equipment purchases = $915,000 / (1 + 0.2)^0 + $410,000 / (1 + 0.2)^2\)
Next, we calculate the present worth of the annual M&O costs for years 1 through 10:
\(Present Worth of M&O costs = $60,000 * [(1 - (1 + 0.2)^-10) / 0.2]\)
Summing up the present worth of equipment purchases and M&O costs gives us the present worth of option 1.
For option 2, we have subcontracting costs of $205,000 per year for years 1 through 10.
The present worth of the subcontracting costs can be calculated as follows:
\(Present Worth of subcontracting costs = $205,000 * [(1 - (1 + 0.2)^-10) / 0.2]\)
Now, compare the present worth of option 1 and option 2. Whichever option has the higher present worth is more attractive.
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Discuss the degree of price discrimination explains thedifference in prescription drugs prices between the United Statesand Mexico or other emerging markets
The degree of price discrimination refers to the extent to which a seller charges different prices for the same product or service based on the buyer's willingness or ability to pay.
The degree of price discrimination refers to the extent to which a seller charges different prices for the same product or service based on the buyer's willingness or ability to pay. When it comes to prescription drug prices, there are significant differences between the United States and Mexico or other emerging markets.
The pricing of prescription drugs is influenced by various factors, including market dynamics, government regulations, healthcare systems, and the bargaining power of buyers. In the United States, the pharmaceutical industry operates in a complex market with a fragmented healthcare system and a significant reliance on private insurance. Additionally, the U.S. has a strong patent protection system that allows drug manufacturers to enjoy monopoly power over their products, resulting in higher prices.
On the other hand, emerging markets like Mexico often have different healthcare systems and regulations that can lead to lower drug prices. These markets may have more centralized healthcare systems, government price controls, or greater competition from generic drug manufacturers, which can drive down prices. Price discrimination in the pharmaceutical industry is influenced by factors such as market segmentation, price elasticity of demand, and regulatory environments.
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Find the maturity value of a loan of $2,800.00 after two years. the loan carries a simple interest rate of 7.2% per year
The loan's maturity value would be $3,203.20 after two years.
The following calculation is used to get the maturity value of a loan with simple interest:
Principal + (Principal * Interest Rate * Time) = Maturity Value
Due to this:
$2,800.00 is the principal (P).
Interest Rate (R) equals 7.2% annually.
T = 2 years, or time.
When these numbers are enteres into the formula, The following is obtained:
Maturity Value = $2,800.00 + ($2,800.00 * 0.072 * 2)
Maturity Value = $2,800.00 + ($2,800.00 * 0.144)
Maturity Value = $2,800.00 + $403.20
Maturity Value = $3,203.20
Therefore, the maturity value of the loan after two years would be $3,203.20.
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Which is an example of E-commerce? A. Hot dog stand B. Cable company C. Online boutique D. Car wash
An example of an E-commerce is an online boutique.
What is E-commerce?
E-commerce is a business that exists online. For example, if a person establishes sells items on a website or on a social media platform, the person is operating an e-commerce. An example of an e-commerce business is ASOS.
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Josh sells t-shirts at an amusement park. When selling t-shirts, he often tells people that the shirts are the softest shirts ever created. If he did not truly believe that and it was a lie, would this be an example of misrepresentation?.
As per the Scenario, No It is not an example of misrepresentation as it is an Opinion based lie from the perception of John.
A misleading statement of a substantial fact made by one party that influences the other party's decision to enter into a contract is referred to as a misrepresentation. The agreement may be deemed invalid if the deception is uncovered. The person who has been negatively damaged may claim damages depending on the circumstances.
However, John may have misrepresented the shirts, and since he did not think they were identical, it is not an instance of misrepresentation.
A false or misleading statement of fact made by one party to another during negotiations with the aim of convincing them to sign a contract is referred to as a misrepresentation. The misled party often has the right to terminate the contract and, in exceptional circumstances, may even be awarded damages.
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If melisha can pay for her vehicle with a 4 year loan or with a lease with the same down payment and same interest rate why will the loan have a higher monthly payment
A. Because the loan is riskier to the financing company
B. Because the lease is riskier to the financing company
C. Because melisha will own her vehicle at the end of the lease
D. Because melisha will own her vehicle at the end of her loan
The internet makes it more difficult to participate in international trade.
TRUE OR FALSE
Answer:
TRUE
Explanation:
Because it's giving every player a chance.
how can you say that office is an information centre?
Answer:
hope this helps
Explanation:
An office is an information center which provides information relating to business transactions. Such information is very useful. It is used by management for the purpose of planning, organizing, staffing, directing and controlling.Information Center: The office serves as an information centre. It collects information from sources like invoices, letters, memos, agreements, vouchers etc., and protects them in safe mode on the basis of their importance for future reference.It is used by management for the purpose of planning, organizing, staffing, directing and controlling. Office not only keeps record of information but also plays the role of reliable channel of communicating the information. It is required for smooth functioning of the organization.
Answer:
Explanation:
I think information centre is designed specifically for storing, processing, and retrieving information for dissemination at regular intervals. if the office is doing so then you can say that it is information centre.
Brenda received a $15,000 college scholarship for the current year. She used the scholarship to pay the following fees: tuition $9,000, lab fees $60, parking fees $120, books $750, housing $4,000, and a meal plan $1,070. What can she exclude from gross income
Answer:
brenda income has gone because there is nothing money left
Meadows manufacturing follows the accrual basis. An accrual results when ____________ and a deferral results when.
Answer:
Meadows manufacturing follows the accrual basis. An accrual results when $6,000 cash is received after a customer has been billed and a deferral results when $4,500 cash is paid for next quarter's insurance for property.
Explanation:
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it is 3/4 because 3 +1/4
Answer:
No, it's \(3\frac{1}{4}\)
Explanation:
\(3 + \frac{1}{4} \\\\\frac{12}{4} + \frac{1}{4} \\\\\frac{13}{4} = 3\frac{1}{4}\)
Last summer, the price of gasoline increased by 20 percent and the quantity demanded of gasoline decreased by 5 percent. this indicates that the demand gasoline is?
Last summer, the price of gasoline increased by 20 percent and the quantity demanded of gasoline decreased by 5 percent. this indicates that the demand gasoline is inelastic demand.
What is Inelastic demand?
Economists refer to this condition as "inelastic demand," when demand for a good or service remains constant regardless of how much its price increases or decreases. When the quantity desired significantly changes in response to a price adjustment, a good or service is said to have elastic demand. When the amount desired changes little when the price changes, a good or service has inelastic demand. This is often referred to as "amount inelastic demand."
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How can a free good become an economic good?
A free good can become an economic good when its supply becomes limited or when there is an increase in demand for it.
What is a free good?A free good is a good that is available in abundance and can be obtained without any cost, such as air or sunlight. Since there is no cost associated with obtaining such goods, they do not have any market value and are not considered economic goods.
However, if the supply of a free good becomes limited or if there is an increase in demand for it, it can become an economic good. This is because people are willing to pay for a good that was once freely available but is now scarce or in demand.
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A free good can become an economic good if its availability declines, demand increases, or a mix of the two, causing the good to become scarce and thus increase in value, resulting in the acquisition of a price or cost.
Economic goods are goods that are made to meet the wants of the people. It has a certain price or cost, which is deducted to maintain consumption.
A free good is one that is not scarce and is accessible indefinitely. A free commodity has no opportunity cost to society and does not require scarce resources to be produced, so it has a zero marginal cost. A good that is made available at no cost, on the other hand, is not inherently a free good.
When the desire for a free good exceeds the supply, it becomes scarce and thus an economic good. For example, while air is a free good, it can become an economic good if it becomes polluted and limited.
Another example is water. Water is commonly thought to be a free good, but when it is processed, purified, piped, or dispersed in bottles, it consumes as a scarce resources and becomes an economic good.
When scarce resources are used to make a good, the producer incurs a cost known as the marginal cost; if the marginal cost is greater than zero, the good is an economic good.
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