Expectations of the future price
They are factors affecting demand other than
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
Elasticity of demand will help managers determine what behaviors affect customer's buying behavior. Price elasticity will tell managers whether they can change the price of products or not.
Cross elasticity in economics, also referred to as cross-price elasticity is used to measure the changes of the demand of a certain commodity to the price changes of another good.
outline main determinants of demand for consumer goods?
Supply and Price are the determining factors for Demand.
income elasticity can be applied in the intersection of market demand and supply. when there is income inequality people with less income get to buy less goods than they would have wanted this affects the suppliers who will have to reduce their goods to be supplied.
The Income Elasticity of Demand is used to measure how an increase or decrease in the income of consumers affects the demand for a particular product. This relationship varies depending on the type of goods.
point method
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
Unitary elasticity is when the price elasticity of demand is exactly equal to one.
distinguish between price elasticity of demand and income elasticity of demand
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
in what respect would you expect determinant demand for computers to differ from determinants of the demand for milk
The availability of substitutes Habit- Forming Goods 'Luxuries' and 'necessities' The proportion of income which is spent on the commodity The long run and short run.
there are three methods of measuring elasticity of demand
I am at a loss for the answer please help me.