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What three changes can effect the demand of a specific product?
Wiki User
∙ 11y ago
These Are Four factors that Affect Consumer Demands !
1. Consumer Income
2. Expectations
3. Tastes and Trends
4. Population and Change
Wiki User
∙ 11y ago
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If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
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.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
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.
Which effect does scarcity have on the price of the product if the demand stays the same?
The scarcer the product, the higher the price.
How elasticity of demand effect managerial decisions?
Elasticity of demand measures how much demand for a product will change if the price of that product is changed. Something highly elastic will be greatly affected by price changes (something like a hotdog for example, if a vendor raises his price then demand will drop because people can go elsewhere-demand is elastic). So management must be aware of how consumers will react to price changes. Normally, lowering the price of a good will bring in more customers if the demand for that good is elastic. If it is inelastic, then a lower price will not increase demand much.
When the price of a good changes what effect tend to create the law of demand?
the term real income effect applies to it at that point which define's as an individual cannot keep buying the same quantity of a product of its price rises while there income stays the same
What is an increase in demand likely to lead to?
If there is an increase in demand, there will be increase in the price of the product if the supply remains the same. But if the manufacturer or supplier is able to supply increased quantity of product there will be no major effect.
If because a modest price increase has little or no effect the demand for the product is?
If a modest price increase has little no no effect on the demand it means that the product is inelastic. Inelastic goods are those that people will need no matter what the price is, such as most medications, and food as a whole (not specific brands). Elastic goods are defined as goods were the demand fluctuates as the price fluctuates. These are different brands of foods (If Dole starts to charge more for apple juice consumers will switch to Tropicana orange juice.)
What effect does scarcity have on the price of a product if demand stays the same?
The scarcer the product, the higher the price.
Explain the effect on the equilibrium price and quantity if increase in the price in product?
If the price increases it means there is not a lot of product avaible. This is seen when a company can not keep up with demand the tend to raise prices so that demand goes down. This is also seen in with the opposite effects, if a company has too much of a product then they lower prices to increase demand
