If you are an economics student then you must know how strenuous and confusing discipline it is. Economics is said to be social science in which there is the study of production, distribution, and consumption of various goods and services. Or we can say the study of making choices in simple words where students should be well-trained and informed about each concept and aspects of economics.
One of these concepts is the demand elasticity. In this topic, a student needs to learn about quantity or responsiveness of the demand in different circumstances. With demand elasticity, the factors which affect the related variables like the price, supply, etc. of the goods and the services could be found. And it helps in good economic growth of any industry.
And they need to solve the homework and assignments based on such topics in economics. The things which make the students worried are the difficult concepts and, the short deadlines to submit the assignments. But to learn and revise your studies doing homework and assignments is an important and necessary thing.
You can surely take the help of online services to complete your homework and assignments. The expert’s available online gives you detailed and well-framed answers for your homework and assignments. Which helps you to solve the needed questions where you find difficulties. You can always rely on online experts to get the right help at the right time. The elasticity of demand is also a subject where help is much needed to get the information and understanding of each question.
What is demand elasticity?
The term demand elasticity or the elasticity of the demand is referred to as how subtle the demand for any type of goods or services changes due to pricing, consumer income, and other economic variables. To calculate demand elasticity the technique which is used is the quantity demanded by percent change is divided by the other economic variable percent change. If an economic variable gets high demand elasticity than it means that the changes in the variable are responded more by the customers.
This makes us understand that the demand elasticity is calculated only when any of the economic factor changes. This concept has given many advantages to different firms and industries where they can calculate the potential changes in the demand because of the factors like changed prices of the goods, the results of the changes in other goods prices and more.
Much studies and understanding are essential to understanding this economic topic of elasticity demand or else the outcomes may come wrong while solving the question based on various demand elasticity. You need to be very attentive and be focused to get yourself perfect with this topic. And if there are situations where everything gets mixed up in your head then taking help is very essential.
And nothing is better than taking an expert’s help at the comfort of your home and be relaxed to get all the answers to your homework and the assignments. Not much but in very less time all your economics-related problems will be solved easily online.
Types of demand elasticity
There are three types of demand elasticity:
Price elasticity of demand
The curve of the elasticity demand shows various conditions of the changes in the economic variable. If the elasticity of the curve is more then there will be more changes in the quantity consumed by the customer mainly caused by little changes in the prices of the goods and the services. And it requires large changes in the goods and services prices to the outcome the consumed quantity when the elasticity of the curve is less.
This concept of price elasticity divides the goods and services into three different types:
- Elastic– When the quantity percent change of a good is greater than the price of the good’s percent change than the demand is called elastic?
- Unitary elastic– When the quantity percent change of good demands equal price percent change than the demand is said to be unitary elastic.
- Inelastic– When the quantity percent change of a good is less than the price of the good’s percent changes than the demand is called inelastic.
Income elasticity of demand
The demand for a variable is affected by an important variable that is income. This income variable causes a change in the elasticity of demand when there is a change in the income of a consumer. With the change in income, the quantity demanded of good also changes while the other related factors do not have any changes. This degree of change in the good’s quantity demanded is called income elasticity of demand.
The income elasticity of demand depends upon the type of good which is normal goods and inferior goods. For the goods having income elasticity, less than one gets categorized as inferior goods.
Cross elasticity of demand
The cross elasticity of demand is a condition when the quantity of demanded good changes due to the change in the price percentage of any other good. It has three types:
- Substitute good– cross-elasticity of demand in responsiveness of two goods which are a substitute for one another like Coke and Pepsi.
- Complementary goods– The goods which complement each other like a bat or a ball or a car and petrol. In such goods, if the price of cars increases than there will be a fall in the demand for petrol
- Unrelated– the goods which have nothing common or any relation with one another like pineapple and a pencil. In such conditions, the cross elasticity of demand is almost zero.
This is a very short description of the types of demand elasticity but an economics student has to face many difficulties while solving the homework and assignments of this topic as each type has its own formula and understanding. The students should be clear with each concept and choose the right formula for each question in order to get with the right answer.
Students can get the support and guidance of online services wherever they feel that the things are not working as they should and your grades are getting down in economics. The online experts will help you to gain your confidence again by giving an answer which makes you feel economics as an easy subject. Finding a solution is always a good option then keeps troubling you. You can go for online help on www.myassignmenthelp.com to get the experts to help online.
Terminologies of demand elasticity
There are many terminologies in demand elasticity topic which a student needs to know for better knowledge and also understanding the question of homework and assignments by which they can answer them correctly.
The competition between different buyers and sellers who wish to sell or purchase different goods and service. The competition between the buyers gives an indication that the prices of the goods will not fall down and the opposite of it is the competition between the seller by which the price of the goods and the services will not be raised.
Demand in simple words is the need for the goods and services to the consumer and they wish to buy them.
The demand curve is a graphical representation of the quantity of any goods and service relationship with its price which the buyers demand to buy.
Elasticity is the degree of responsiveness which a curve has in relation to the price of the goods and the services.
The market clearing price is known as equilibrium where the price of the goods and services demanded is equal to the quantity supplied.
When the buyers and the seller have no impact on the prices of the goods and services individually in the market than they interact with each other to decide the distribution and prices of the goods and services.
And economics students have to deal with such terminologies where taking the needed help by the students should not be avoided to get better grades in economics.
Problems faced by economics students
The most common problem in learning economics and solving its homework and assignment is generation a sort of interest which a student fails to have. The hectic schedule and hard-work in college make them tires and general lack of interest to solve the homework and the assignments. It varies from student to student that is some are able to manage all the things and some are not.
And for those who find it difficult to manage things they should opt for the most reliable source near them. And the out of all the best helping source is the online one where the experts help you out in all your economics difficulties starting from complex questions to the understanding of different strenuous concepts.
You should try to learn economics on your own by at time while solving and finding solutions to the questions some formulas and concepts get hard to solve and define where taking help again becomes a needed option. You can try to find a solution in the library books but it is a little time consuming and an economics student is already so less with the time.
The other difficulty in the way of solving and learning economics is the failure to understand the questions correctly. If you don’t understand the question correctly the answer to it will always be wrong. As many students have reading and writing as their weak points to avoid the pressure and stress by incomplete and incorrect assignment is taking an expert’s help online.
With their experience and knowledge, they give qualitative assignments which make you get the right solutions and best results in economics. One of the known websites is www.24houranswers.com which has helped many students to become a successful economics student and gain a lot of success in the future.
Which things can help economics students?
Make your basics clear
You can go for learning and clearing the basics of economics concepts so that you get clear with the difficult concepts later. Textbooks will help you the most in learning the basics and solving the breath-taking homework and assignments of it and also performing well in your examinations. You should also try to improve statistics in mathematics to get the economics basis concepts clear.
Give your 100% concentration and hard-work
You need to be very clear with yourself that if you want to deal with economics you should give your 100% concentration and lots of hard work. You should make your own study space and work without any distractions while learning economics. When you have your own workspace you not only complete your work faster but also get free-time to relax or have some quality time with your friends and family.
Keep revising and working on economics each day
Whether you have homework and assignments to solve or not, you should have a daily habit of working on your economics. The day you start a new lecture at the college you should revise it after getting home no matter if there is any homework related to it. And as each concept is in relation with each other by revising you can relate and learn economics topics easily.
While your high school studies a time can come that there is only a day left for the submission and you are still on the first question of your economics homework and assignment. You tend to make mistakes as you work under the tension of completing the assignment and this makes the quality of your assignment poor.
To avoid such pressures and worries on you taking help is the best among all other options. No one but an expert can give you the full assignment solved in a day just before the submission just because of his knowledge and experience and helps you to get qualitative work.
Just keep calm and take economics as an opportunity to have a bright future and success in your career and always remember experts are 24×7 hours available to help and guide you.
Author bio: Evelyn W. Minnick is one of a talented MBA graduated online experts who have helped many students with their economics homework and assignment at 24x7assignmenthelp.com. She has completed her MBA from the Harvard School of Business and has 6 years of experience in the field of online help. Students can rely on her at any time when they feel economics has become a threat to them. With her knowledge, she has made economics easy to lean for the students.