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What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
What is the difference between demand function and demand curve?
demand curve shows quantities that the consumer is willing and able to buy at various prices in a given period of time,other things being equal. Whereas, a budget line is a graph showing all the possible combinations of two goods that can be purchased at given prices and for a given budget.
A shift in the demand curve is called?
A change in quantity demanded
Which of these refers to the quantity of goods or services that buyers are willing to purchase at various prices?
demand
What refers to the quantity of goods or services that buyers are willing to purchase at various prices?
Demand
The quantity of a product or service that business will make available at various prices is called?
supply.. or demand. a or b.. 50/50 chance
What is the price at which the quantity demand by consumers will equal the quantity supplied by producers called?
It is called the equilibrium price.
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
What is the difference between demand function and demand curve?
demand curve shows quantities that the consumer is willing and able to buy at various prices in a given period of time,other things being equal. Whereas, a budget line is a graph showing all the possible combinations of two goods that can be purchased at given prices and for a given budget.
A shift in the demand curve is called?
A change in quantity demanded
Which of these refers to the quantity of goods or services that buyers are willing to purchase at various prices?
demand
What refers to the quantity of goods or services that buyers are willing to purchase at various prices?
Demand
Why do Economist use the term demand to refer to what?
Economists use the term demand to refer to a schedule of various combinations of market prices and amounts demanded.
What is the definition of demand?
Demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a specific period. It reflects the relationship between price and quantity demanded, often following the law of demand which states that as price decreases, quantity demanded increases, and vice versa.
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
How will demand effect price and quantity?
High Demand Lowers QuantityLow Demand increases price and quantity
Definition of individual demand?
All the possible combinations of price and quantity of a good or service that an individual would desire based on his/her view of the utility gained from the consumption of this good or service
