0
How do you think producers predict elasticity of demand for a new product?
Wiki User
∙ 13y ago
flava girls bought a pair of shoes that call demand for new prouduct...
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What is the lowest elasticity of demand?
The lowest elasticity of demand is when no change in price, whether increase or decrease, changes the demand for a product.Ê It's used by economists to predict how sensitive a product is to a price change.
What is environmental elasticity?
Environmental elasticity is the responsiveness of demand for a product to a change in the environmental impact of the product.
Importance of elasticity of demand?
It is important because if a company doesn't understand their product's elasticity of demand, they are screwed!
Conclusion of price elasticity of demand?
The conclusion of the price of elasticity of demand is the effect of price change based on the revenue it receives. It is based off the demand of the product and the price of the product.
What is cross price elasticity demand?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
Why is determining demand elasticity important in economics?
Determining demand elasticity helps managers know how to schedule their goods. When they know their product isn't in demand, they can purchase another product instead.
What is the difference between elasticity and inelasticity of demand?
Inelasticity is a good that you will buy nomatter the price change. Elasticity is when the price of a product increases demand for the product will decrease.
What is importance of elasticity?
Cross elasticity of demand is the responsiveness of demand for one product to a change in the price of another product. It will help predicts how prices of products will act.
What is importance of cross elasticity?
Cross elasticity of demand is the responsiveness of demand for one product to a change in the price of another product. It will help predicts how prices of products will act.
What is cross price elasticity?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
What determines the incident of tax?
the elasticity of demand of the product taxed
What determines the incidence of a tax?
the elasticity of demand of the product taxed
