Here are some leaders who donât match our ideal: 1  The teenage gang leader who has âstreet credâ, is tough and prepared to defy the law, even if it means shooting his way out of trouble. 2  Stalin, admired by some Russians who like tough leaders, even if ruthless.
When price and total revenue move in the same direction, demand is relatively inelastic. True: when price and total revenue move in the same direction, demand is relatively inelastic. Why will the price elasticity of demand will be greater when the price of a good is higher relative to a consumer's income. A higher priced good will have a higher price elasticity of demand.
If the purchase can be delayed, the demand for the product tends to be elastic. If it cannot be delayed it tends to be inelastic. For example, since I can wait to buy a new stereo until the price drops demand will vary greatly in accordance with price. This product thus would tend to be elastic. Gasoline, on the other hand, I cannot wait for. Thus demand does not vary greatly with price and the product tends to be inelastic.