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Price elasticity of demand for luxury goods will be?
elastic becoz wen price of the commodity changes , it affects the demand for the commodity .. Demand for a product is sensitive to price changes .. With icrease in price , the demand decreases nd with decrease in price , demand increases ..
What is price of related goods in demand?
Price of related goods in demand means prices of substitute goods and complementary goods.
How does price help to connect the availability of goods to the demand for goods?
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
What determines the quantity of a good that sellers supply?
The demand of the consumer determines the quantity of goods a seller supplies. Supply and demand also affects market price.
Why is it important for the supplier of goods and service to have information about price elasticity of demand?
In that way the supplier of goods and services, will be able to know how many goods they must produce for the quantity demanded in the economy. They need to know how much price affects the consumers.
What are factors that affect a product price?
"What factors affect the pricing of Fast Moving Consumer Goods?"
What generates a demand for goods and services?
PRICE
What is derivation of law of demand?
Law of demand is the higher the price the lower of goods demand for
What is demand for a factor?
Demand for a factor is the demand for a particular thing. Demand changes as per demand functions There are basically five demand functions as follows 1. Price 2. Income 3. Price Of substitute goods 4. Price of complementary goods 5. Taste & Preference
What is a true statementregarding the price elasticity of demand?
Price elasticity of demand is positively correlated with the existence of substitute goods.
Price of related goods?
Demand for good or service increases if the price of related goods increases, and vice versa.
How do substitute goods and complementary goods affect demand for another good?
Substitutes and complements is the fact that a change in price of one of the goods has an impact on the demand for the other good. For substitutes, an increase in the price of one of the goods will increase demand for the substitute good. (It's probably not surprising that an increase in the price of Coke would increase the demand for Pepsi as some consumers switch over from Coke to Pepsi.) It's also the case that a decrease in the price of one of the goods will decrease demand for the substitute good.
