High School

We appreciate your visit to True or False Please explain When the price of salmon falls by 2 per kilo the demand for salmon went up by 10 kilos Therefore. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!

True or False. Please explain:

When the price of salmon falls by $2 per kilo, the demand for salmon went up by 10 kilos. Therefore, we can conclude that the demand for salmon is elastic.

Answer :

True, the statement "When the price of salmon falls by $2 per kilo, the demand for salmon went up by 10 kilos" implies that the quantity demanded of salmon is sensitive to changes in price, which suggests that the demand for salmon is elastic. Therefore, the statement is true.

Explanation: The responsiveness of the quantity demanded of a product or service to a change in its price is referred to as elasticity. A good is said to have elastic demand if a small increase or decrease in price causes a large decrease or increase in the quantity demanded. If a good's quantity demanded does not react to price changes, it is said to have inelastic demand.

When the price of salmon falls by $2 per kilo, the demand for salmon increases by 10 kilos. Therefore, salmon's demand is elastic because a small price reduction resulted in a significant increase in the quantity demanded of the product. It also means that salmon consumers are sensitive to price changes.

To know more about demand refer to:

https://brainly.com/question/30703626

#SPJ11

Thanks for taking the time to read True or False Please explain When the price of salmon falls by 2 per kilo the demand for salmon went up by 10 kilos Therefore. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!

Rewritten by : Barada