Relatively elastic refers to the degree to which the quantity of a good or service demanded changes in response to a change in its price. When a good or service is relatively elastic, a small change in price results in a relatively large change in the quantity demanded. This means that the demand for the good or service is sensitive to changes in price.
On the other hand, when a good or service is relatively inelastic, a small change in price results in a relatively small change in the quantity demanded. This means that the demand for the good or service is not very sensitive to changes in price.
There are several factors that can influence the elasticity of demand for a good or service. Some of these factors include the availability of substitutes, the importance of the good or service to the consumer, and the percentage of the consumer's budget that the good or service represents.
For example, if a consumer has several substitutes available for a particular good or service, they are more likely to switch to a substitute if the price of the original good or service increases. This means that the demand for the original good or service is relatively elastic. On the other hand, if a consumer has few or no substitutes available, they may be more likely to continue purchasing the original good or service even if the price increases. In this case, the demand for the good or service is relatively inelastic.
Another factor that can influence the elasticity of demand is the importance of the good or service to the consumer. If a good or service is essential to a consumer's daily life, they may be more likely to continue purchasing it even if the price increases. In this case, the demand for the good or service is relatively inelastic. On the other hand, if a good or service is not essential, a consumer may be more willing to switch to a substitute or do without if the price increases. In this case, the demand for the good or service is relatively elastic.
The percentage of the consumer's budget that a good or service represents can also influence its elasticity of demand. If a good or service represents a significant portion of the consumer's budget, they may be more sensitive to changes in price and the demand for the good or service may be relatively elastic. On the other hand, if a good or service represents a small portion of the consumer's budget, the consumer may be less sensitive to changes in price and the demand for the good or service may be relatively inelastic.
In conclusion, relatively elastic refers to the degree to which the quantity of a good or service demanded changes in response to a change in its price. The elasticity of demand can be influenced by the availability of substitutes, the importance of the good or service to the consumer, and the percentage of the consumer's budget that the good or service represents. Understanding the elasticity of demand can be helpful for businesses when setting prices for their products and for policymakers when considering the potential effects of taxes or other price changes on consumer behavior.
Immanuel Kant, David Hume and John Locke. : askphilosophy
For it to be more reliable, it is open to interrogation and constant questioning which allows it to be more inclusive towards numerous perspectives. Locke assumes certain mental occurrences, which he calls sensations, have causes outside themselves, and that these causes, to some extent and in certain respects, resemble the sensations which are their effects 29. If you want to read Hume on this, you will want to read his Enquiry Concerning Human Understanding, and his Treatise of Human Nature and An Abstract of A Treatise of Human Nature which is quite short and to the point if you want more on this. Property- According to Locke, in the state of nature, property is obtained when a man exerts his labor into something and it thus becomes his. To Locke, knowledge is not merely having ideas but as the ability to see the relations between them. If He ceased to exist, or pulled His being away from our universe, our universe would cease to be as well. So when Jesus claimed to be the Son of God, it must have been true, since the Bible is a reliable source historically and records Jesus doing and claiming these things.
Locke vs. Hume
However, it ca well be stated that, according to Hume, blind faith related to the self is equally avoidable as extreme skepticism. It arises only under conditions of relative scarcity, where property has to be regulated to preserve order in society. They both had basically the same views when it came to knowledge. As a result, it could be stated that from the point of view of Hume, the human self is a constant mechanism that evaluates and interprets its vicinity or environment Hume, pp. By the end of that century, the old regime was gone forever. Or if a little boy breaks his leg in a soccer game, and failed make the necessary connection that running too fast without being able to slow down sorry for the bad example but I honestly don't know what situations will result into breaking a leg then every time that boy runs, he will run too fast and maybe even crack his skull against a post.
John Locke And David Hume Similarities
Locke accepts that people are not brought into the world with fundamental standards of rationale for example, a triangle has three sides because these thoughts are inborn. From then on, Cage can reset the day if he was murdered or had committed suicide from a specific point in the movie and be able to remember what happened previously. It make's life easier to think this way because it is universally agreeable that we have a right to 'own' something, especially when we have invested time and effort into creating and distributing substances. Francks, R , puts it this way, that in addition to our sensory concepts being acquired through the senses, what Locke calls sensation , as we get older we develop another sense-another source of ideas. I'm doing this for a college essay in Philosophy class and my professor just said "Compare them" didn't really specifiy what he wanted compared. Knowledge is subject to change due to finding other plausible thoughts for justification and exposure to new evidence.
John Locke And David Hume
John Locke was the man who began to express the idea of natural rights. A man, dangerously wounded, who promises a competent sum to a surgeon to cure him, would certainly be bound to performance; though the case be not so much different from that of one who promises a sum to a robber, as to produce so great a difference in our sentiments of morality, if these sentiments were not built entirely on public interest and convenience. Concepts which we bring into the phenomenal world through our metaphysical element of consciousness to form objects of understanding must come from an anamnesis of intuitions which were acquired previously through sensibility. The difference between the two is that tacit consent is revocable while explicit consent is not Locke, ยง121. The last part of my essay is the conclusion. Grayling, Ed, Philosophy 1: A guide through the subject, pg. To Locke, intuitions and proofs are the only things we can really know 30.