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Which of these is not an example of the demand determinant of what people like to buy?
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∙ 14y ago
Ann likes to sing in the shower. "A+"
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∙ 14y ago
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What does it mean that the demand for a product is high?
if a product is in high demand it means lots of people want/like it, if something is in demand someone wants it, high demand means that product is popular and people want it, it's in high demand.
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.
What does demand depend upon?
Before this question can be answered, one must first make the distinction between demand and quantity demanded. Quantity demanded is determined by price: if the price is high, people will not not demand very much of the good, but if the price is low, people will demand more of the good. Demand, on the other hand, is a shift in quantity demanded at all prices. A change in demand is determined by five factors. The first factor is change in income: if income increases, then demand for a particular good, like cars, will go up. If income goes down, then not as many people will be able to afford to buy cars, so demand will go down. The second factor is expectations: if people expect the price of a good to go up tomorrow, then people will demand more of the good today. The third factor is the prices of related goods (substitutes and complements): if the price of hot dogs goes up, demand for hamburgers (a substitute) might increase. If the price of hot dogs goes up, demand for hot dog buns (a complement) might decrease. The fourth factor is number of buyers in the market: if you only have two buyers in the market for ice cream, for example, then demand would be low. However, if you add ten more buyers to the market, then demand would increase at every price because there would be more people demanding ice cream. The fifth factor is probably the most obvious: tastes and preferences. If people don't like pizza, then demand for pizza will be low.
When a product is known to have an 'elastic demand' it means?
When a product has elastic demand it means that a change in price will have a subsequent change in price. An example of an elastic good is a fuji apple. If the prices of fuji apples increase, then consumers will buy a substitute, like a pear instead. Say we are given a good, like food (in general), this product would be inelastic. Even a large increase in price would could little change in demand because people need this good.
When there is excess in demand there is?
Excess demand always leads to inflation. Think of it like this. You are selling an Xbox, and 5 people want that xbox. you can only sell it once, therefore you raise the price until only 1 or 2 people can buy the product. You make a bigger profit. This is inflation, which is the effect of excess demand.
What factors influence the price of a commodity?
Demand depends on a lot of factors. The price, income of consumer, price of other goods, the price of the complimentary goods, the seasonal factor (in certain cases), advertising, trends and fashion, tastes, population and much more.
What does determine mean in maths?
In Algebra, the word determinant is a special number which is associated to any square matrix. Like for example, a rectangular array of numbers where the finite number of rows and columns are equal. Therefore, the meaning of a determinant is a scale factor for measuring wherever the matrix is regarded.
What does it mean that the demand for a product is high?
if a product is in high demand it means lots of people want/like it, if something is in demand someone wants it, high demand means that product is popular and people want it, it's in high demand.
What does outstripping mean?
outstrpping is when x exceed y. like for example as supply excees demand then there is outsripping.
Is there an easy way by which I mean a way that requires less than half an hour and no higher math than Algebra 2 to find the determinant of a 5 by 5 matrix?
There is no easy way to find the determinant; it's long and tedious. There are computer programs available (like MATLAB) that will find the determinant. You'll find there probably won't be a large matrix in an exam if you're required to find the determinant.
Do you like comcast?
i like comcat cuz of on demand that's ALL OKAY MAKE IT BETTER DUMB PEOPLE
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.
Example of nonexistent demand?
the previous demands of consumers which are totally replaced by much better products ...like bajaj scooters
How can the demand for one good be affected by the increased demand for another one?
Example 1: There are two main ways this can happen. It depends on whether the two goods are complimentary goods or substitute goods.For example, Hot Dogs and Ketchup are complimentary goods (because they go together) so when the demand for hot dogs goes up, so does the demand for ketchupExample 2. Cars and trucks are substitute goods because, even though they are in the same market, people tend to only buy one or the other. So if the demand for trucks went up, this would mean the demand for cars is going down.If you don't like this I can give the answer to this Multiple Choice Questions like it has on the Shifts of the Demand Curve Worksheet.1. When the goods are bought together, increased demand for one will decrease for the other2. If the goods are used together, increased demand for one will increase demand for the other (This is the correct answer)3. If the goods are substitutes for each other, increased demand for one will increase the demand for the other.4. A drop in price for the good will increase demand for the good and it's substitute.
What does demand depend upon?
Before this question can be answered, one must first make the distinction between demand and quantity demanded. Quantity demanded is determined by price: if the price is high, people will not not demand very much of the good, but if the price is low, people will demand more of the good. Demand, on the other hand, is a shift in quantity demanded at all prices. A change in demand is determined by five factors. The first factor is change in income: if income increases, then demand for a particular good, like cars, will go up. If income goes down, then not as many people will be able to afford to buy cars, so demand will go down. The second factor is expectations: if people expect the price of a good to go up tomorrow, then people will demand more of the good today. The third factor is the prices of related goods (substitutes and complements): if the price of hot dogs goes up, demand for hamburgers (a substitute) might increase. If the price of hot dogs goes up, demand for hot dog buns (a complement) might decrease. The fourth factor is number of buyers in the market: if you only have two buyers in the market for ice cream, for example, then demand would be low. However, if you add ten more buyers to the market, then demand would increase at every price because there would be more people demanding ice cream. The fifth factor is probably the most obvious: tastes and preferences. If people don't like pizza, then demand for pizza will be low.
Definition of counter marketing?
Counter marketing is to reduce the demand of a product through different marketing tactics rather than increasing the demand. For example, pro health messages like "say no to tobacco".
When a product is known to have an 'elastic demand' it means?
When a product has elastic demand it means that a change in price will have a subsequent change in price. An example of an elastic good is a fuji apple. If the prices of fuji apples increase, then consumers will buy a substitute, like a pear instead. Say we are given a good, like food (in general), this product would be inelastic. Even a large increase in price would could little change in demand because people need this good.
