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What else can I help you with?
Total expenditures are determined by what?
Dividing the change in demand for the product by its change in price. e=(change in demand)%/(change in price)%
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
What is price sensitive product?
A product that when it's price is changed results in a bigger change in demand
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.
Which product experiences a larger change in price?
To determine which product experiences a larger change in price, you would need to compare the percentage change in price for each product over a specified time period. This involves calculating the initial and final prices, then applying the formula: ((final price - initial price) / initial price) x 100. The product with the higher percentage change indicates a larger price fluctuation. Without specific products or price data, a definitive answer can't be provided.
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 product sensitivity?
A product that when it's price is changed results in a bigger change in demand
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.
What are the reasons for the change from logwood to mohogany?
price, demand for the product and the climate
What is the inelastic equation used to calculate the change in price when the demand for a product remains constant regardless of price fluctuations?
The inelastic equation used to calculate the change in price when demand remains constant is: Price Elasticity of Demand (PED) ( Change in Quantity Demanded) / ( Change in Price).
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 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.
