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Explain the effects of a rise in the price on market when the price elasticity of demand for product is inelastic?
Revenue of the producer will increase since there will be no change in quantity demanded.
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
What is an Economic effects of a Price floor?
To Promotion the producer of assist to enhance production and inshore the availability of product in the market to reduce the dependency on foreign market.
What is a demand for a product?
A demand for a product is when a customer expresses a desire or willingness to purchase a product. It is the amount of a product that customers are willing to buy at a specific price. Generally the demand for a product is determined by the price of the product the customers income the availability of a substitute and the customers preferences. When the price rises demand falls and when the price decreases demand increases.Factors that affect the demand for a product include: Price of the product Customers income Availability of a substitute Customers preferencesIf the price of the product rises then the demand for the product falls and vice versa. This is due to the fact that customers are willing to pay a certain price for a product and when the price increases customers will be less likely to purchase the product.
If selling price is S and product price is P then what will be the profit?
Selling price is somethng on which the profit depends so its Selling price - Product price = profit
What is caused by a raise in the price of a product?
The raise in the price of a product causes an increase in competition.
Why doesnt coke lose its customers when it raises its price?
because of the product itself. customers buy the product not only looking at the price but because of the quality of the product. if consumers are satisfied with the product, they will entertain the product even if it raises price.
Change in market price?
Changes in the market price is determined by demand of a product. If consumers demand the product, then the price will increase.
What is FOR Price?
FOR price is the price of a product inclusive of Freight Charges.
Why doesnt coke lose all its customers when it raises its price?
because of the product itself. customers buy the product not only looking at the price but because of the quality of the product. if consumers are satisfied with the product, they will entertain the product even if it raises price.
What are the effects that price ceiling can have on a product?
a price ceiling results in a shortage because quantity demanded exceeds quantity supplied. it can increase consumer surplus but producer surplus decreases by more causing a deadweight loss in the market.
What is price sensitive product?
A product that when it's price is changed results in a bigger change in demand
