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Define a market and identify and explain how various market forces would determine the price of a product or service?
If we bring together the supply and demand curves onto one diagram, we find that they intersect at only one price. This is the market or equilibrium price. Only at this price is the quantity demanded equally to the quantity supplied.
The equilibrium or market price is arrived at by a gradual process. If trading takes place at prices other than the market price, there will be either a shortage or a surplus, which will cause the price to move until it settles at the equilibrium level.
What else can I help you with?
How can one identify value-added features in a product or service?
To identify value-added features in a product or service, look for unique benefits that set it apart from competitors. These features should enhance the user experience, solve a problem, or provide added convenience. Consider factors such as quality, innovation, customization, and customer service to determine the value that the product or service offers.
How can I determine if a product or service is FSA eligible?
To determine if a product or service is FSA eligible, you can check the list of eligible expenses provided by the IRS or contact your FSA administrator for guidance.
How can I determine the sales per unit for my product or service?
To determine the sales per unit for your product or service, divide the total sales revenue by the number of units sold. This calculation will give you the average amount of sales generated by each unit of your product or service.
What determines a demand for a product?
Purchase power,income level,necessarity,willingness
Can you explain the nature and scope of the product or service management function?
bush
How can one determine the elasticity of a product or service?
One can determine the elasticity of a product or service by analyzing how changes in price affect the quantity demanded. If a small change in price leads to a large change in quantity demanded, the product or service is considered elastic. If the change in price has little effect on quantity demanded, the product or service is considered inelastic.
How do retailers identify target markets?
* Identify Why A Customer Would Want To Buy Your Product/Service * Segment Your Overall Market * Research Your Market Tons of things go into it I suggest going to: http://www.esmalloffice.com/SBR_template.cfm?DocNumber=PL12_2000.htm It will explain everything.
How do you calculate the usage rate for a product or service?
To calculate the usage rate for a product or service, you divide the total number of times the product or service is used by the total number of potential users, and then multiply by 100 to get a percentage. This helps determine how frequently the product or service is being utilized.
How can one determine the demand equation for a product or service?
To determine the demand equation for a product or service, one can analyze market research data, consider factors like price, consumer preferences, and competition, and use statistical methods to estimate the relationship between quantity demanded and these variables. This equation helps predict how changes in these factors will affect demand for the product or service.
How can one determine the elasticity of demand for a product or service?
To determine the elasticity of demand for a product or service, you can calculate the percentage change in quantity demanded divided by the percentage change in price. If the result is greater than 1, the demand is elastic; if it is less than 1, the demand is inelastic.
How can one determine the market demand curve for a product or service?
To determine the market demand curve for a product or service, one can conduct market research to gather data on consumer preferences, pricing, and purchasing behavior. By analyzing this data, economists can plot the relationship between the quantity demanded and the price of the product or service, resulting in a demand curve that shows the level of demand at different price points.
What is the process for using a specialized serial number decoder to identify the authenticity and specifications of a product?
To use a specialized serial number decoder to identify the authenticity and specifications of a product, you would enter the serial number into the decoder tool provided by the manufacturer or a trusted third-party service. The decoder will then analyze the serial number to determine if it is valid and provide information about the product, such as its make, model, production date, and any other relevant details. This process can help verify the authenticity of the product and ensure that it meets the specified specifications.
