Sort the following statements based on whether demand is relatively elastic or relatively inelastic

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The correct matching of the given scenarios are"

• Klaus' demand for orange juice- Relatively elastic
• Amanda's annual demand for coffee- Relatively elastic
• Jackson's demand for mystery novels- Relatively inelastic
• Hermy's demand for Minute Maid orange juice- Relatively inelastic
• Olivia's daily demand for Starbucks latte- Relatively inelastic
• Stephen spends a very little part of his income on soda- Relatively elastic
• Xavier's demand for his economics textbook- Relatively inelastic

This refers to the substantial change in demand of a particular product as a result of an economic factor.

With this in mind, we can see that inelastic demand has to do with the situation where the demand does not change regardless of the price change.

Read more about elasticity of demand here:

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Answer:

B

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Consumption spending includes spending by households on goods and services. Consumption spending includes :  

spending on durables - e.g. laptop  

spending on nondurables - e.g. clothes, food

spending on services  - e.g. payment of hospital bill  

the purchase of a textbook by a student is an example of consumption spending on durable goods

Investment - It includes purchases of goods and services made by businesses in the production of goods and services

Government spending - It includes government consumption expenditure and gross investment.  

The GDP would differ because the prices of oranges and apples are different

For example, if the price of an apple is $4 and the price of an orange is $1.

The contribution of apples to GDP =$4 x 100 = $400

The contribution of oranges to GDP =$1 x 100 = $100

Answer:

not profitable

Explanation:

The computation of investment profitable is shown below:-

The present value of the return is

= 30 ÷ 1.25 + 30 ÷ 1.25^2 + 30 ÷ 1.25^3

= 24 + 19.2 + 15.36

= 58.56 < 80

Therefore, the present value for the return is lower than the initial investment so, the investment is not profitable and hence the same is not to be considered

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