The price elasticity of demand is people’s responsiveness of quantity demanded (or consumption) when there is a change in price. Respond to the following: Identify…

The price elasticity of demand is people’s responsiveness of quantity demanded (or consumption) when there is a change in price.

Respond to the following:

Identify the determinants of the price elasticity of demand. Explain each one.Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning.Distinguish between a necessity and a luxury.How are the price elasticity of demand and total revenue related? Why is the price elasticity of demand important to pricing?

Sample Solution
The Appellate Body has been established in 1995 under Article 17 of the Understanding on Rules and Procedures governing the Settlement of Disputes. It is a standing body of seven persons that hears appeals from reports issued by panels in disputes brought by WTO members. The Appellate Body can uphold, modify or reverse the legal findings and conclusions of a panel, and Appellate Body Reports, once adopted by the Dispute Settlement Body, must be accepted by the parties to the dispute. The Appellate Body has its seat in Geneva, Switzerland. India – Member of World Trade Organization. India played an important part in establishment of GATT and then in the establishment of the WTO. India became a member of the World Trade Organization since 1 January 1995 and a member of GATT since 8 July 1948. India is in favor of the governance of international trade which is based on international rules and regulations. It is evident to state that India strongly believes that trade lead to prosperity and the trade based on rules and regulations will lead to good predictability. It further believes that trade will not only benefit its economy but it will also benefit all the members of the WTO. DISPUTE SETTLEMENT BODY Dispute settlement is the central pillar of the multilateral trading system, and>GET ANSWER Let’s block ads! (Why?)

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