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The correct answer would be A. It answers the questions “For whom to produce? and What to produce?”


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Posted in Business

In economics, if a good is inelastic, consumers have lost an interest in purchasing it. producers have lost an interest in manufacturing it. its supply or demand is too sensitive to price changes. its supply or demand is not sensitive to price changes.

In economics, if a good is inelastic, then its supply or demand is not sensitive to price changes.

Changes or fluctuations in market prices does not affect the supply and the Demand of inelastic goods.

Further Explanation;

  • Inelastic goods, are types of goods whose demand and supply is not affected by changes in market prices. That is an increase or decrease in market price does not affect their supply or demand.
  • When the price of an inelastic good changes, its supply and demand is unaffected.
  • Examples of such goods include, water and food. Therefore, for inelastic goods, the consumer buying strength and habits remain the same.

Demand and supply in determination of market price

  • Demand refers to the quantity of goods or services that consumers are willing and able to buy at a particular price while supply is the quantity of goods or services that suppliers are willing to supply to the market at a particular price.  
  • One of the factor that determine market prices are the forces of demand and supply, this is based on the ability and willingness of buyers and sellers to undertake selling and buying.
  • Buying and selling occurs at an equilibrium price that is agreed upon by sellers and buyers.  
  • This means the sellers and buyers are willing to exchange a certain quantity of a commodity at this price. Thus, price depends on the demand and supply in the market.
  • However, for inelastic goods such as water and food, the consumer has no option than to buy them at existing prices since they are necessity goods.

Keywords; Inelastic goods, demand and supply, market price.

Learn more about:

  1. Demand and supply; brainly.com/question/6749722
  2. Effect of supply and demand on market price: brainly.com/question/3522474

Level; High school  

Subject: Business

Topic: Demand and supply

Sub-topic: Types of goods

Posted in Business

How would a strong U.S. dollar impact the trade of grain produced in the United States? U.S. grain exports decrease U.S. grain exports increase U.S. grain imports decrease U.S. grain imports stagnate Two countries produce milk and dairy products efficiently. Neither has an absolute advantage. However, Country A exports milk to Country B, and Country A imports cotton from Country B. Which of the following is inferred? The opportunity cost of producing milk is lower for Country A. The opportunity cost of producing cotton is higher for Country B. Country A has a natural resource advantage in cotton. Country B has a natural resource advantage in milk.

When a country has a strong currency, generally its export decreases – this is the answer to the first question.

Imagine, a tone of rice costs 100 dollars, that is 100 pounds. With a strong dollar, it’s 120 pounds now – the British will be able to afford less of US rice now!
About the second question – I think that if neither has an absolute advantage, this also likely means that neither has more natural resources.

now, country A exports milk to country B, which means that it’s cheaper to produce milk in the country A. Therefore, the answer “The opportunity cost of producing milk is lower for Country A” is correct.

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