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According to the law of demand consumers will stop buying a fixed quantity of a product when?
Wiki User
∙ 13y ago
The law of demand? I'm not quite sure if it's called that.
Consumers will stop buying a product as and when they see that the price is set too high. It changes consumer to consumer - if the price of bread rises from £0.50 to £1, extremely poor people might stop buying it because they can't afford it, because the price is too high. Similarly, some consumers will never stop buying things because they are rich enough to afford the goods.
Take a look at price elasticity of demand if you want to know more about when consumers stop buying products because of its price - the change of demand according to a change in price.
Wiki User
∙ 13y ago
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How can promotion influence the quantity of a product that consumers purchase?
The commonest promotion is a '3 for 2' deal. This means that, instead of buying just one of item - if the consumer buys two - they get a third 'free'. Of course - this is a complete myth - as the supermarkets balance out the 'bargain' with higher prices on other items !
Why is demand curve downward sloping?
The demand curve is downward sloping for 3 reasons: income effect, substitution effect, and the law of diminishing marginal utility.Income effect - if a product's price falls, the purchasing power of a consumer will increase, and therefore, there will be greater quantity demanded at lower prices; the inverse (higher prices--->less quantity demanded) is also true.Substitution effect - if the product price is lower, consumers will shift from purchasing a substitute (a similar product) to buying more of this particular product, therefore, the quantity demanded is higher at lower prices.Diminishing MU - the more additional units a consumer buys of a good, the less marginal utility they receive from it (they are less happy with buying each new one). So to make them buy more of what they are already buying, you have to lower the price.
Is diamond an inelastic product?
In terms of economics, from the Economics Basics Web site:"The degree to which a demand or supply curve reacts to a change in price is the curve's elasticity. Elasticity varies among products because some products may be more essential to the consumer. Products that are necessities are more insensitive to price changes because consumers would continue buying these products despite price increases. Conversely, a price increase of a good or service that is considered less of a necessity will deter more consumers because the opportunity cost of buying the product will become too high."Under this definition, diamonds are not a necessity, and the quantity available for sale remains fairly constant, so they can be described as an inelastic product.
By buying or not buying goods and services consumers are helping provide answers to the basic economic questions?
market
By buying or not buying goods and services consumers are helping provide answers to the basic economic questions.?
market
What is the difference between the buying process for consumers and businesses?
the buying process may be much more involved because of negotiated contract and unique or customized needs. Product specifications, price, quantity, service requirements, length of the contract, and delivery schedules are
What consumers have to check when buying products?
manufacturing date expiry date M.R.Pweight of the product
What would be included in evaluating the total product offer of benefits that consumers consider when buying a good or service?
store atmosphere
How can promotion influence the quantity of a product that consumers purchase?
The commonest promotion is a '3 for 2' deal. This means that, instead of buying just one of item - if the consumer buys two - they get a third 'free'. Of course - this is a complete myth - as the supermarkets balance out the 'bargain' with higher prices on other items !
When a company ship you a pair of earring why they say one quantity?
Because your only buying one pair of earrings so the quantity of the product is two but you've only bought one pair of earrings.
What is a convenience products?
A product bought by consumers frequently without much thought to price or comparison.
Why is demand curve downward sloping?
The demand curve is downward sloping for 3 reasons: income effect, substitution effect, and the law of diminishing marginal utility.Income effect - if a product's price falls, the purchasing power of a consumer will increase, and therefore, there will be greater quantity demanded at lower prices; the inverse (higher prices--->less quantity demanded) is also true.Substitution effect - if the product price is lower, consumers will shift from purchasing a substitute (a similar product) to buying more of this particular product, therefore, the quantity demanded is higher at lower prices.Diminishing MU - the more additional units a consumer buys of a good, the less marginal utility they receive from it (they are less happy with buying each new one). So to make them buy more of what they are already buying, you have to lower the price.
which product most of buying online US country?
Online retailers deliver their products directly to the consumers' home, offices or wherever they want. The B2C
How is algebra fundamental to shopping?
Algebra can be used to calculate your expenses if you were to buy how many you want. It can be used to calculate how much you need of some product based on the consumers who want it and thus you can use a formula to solve this. You might not know this but you use algebra everyday when making choices about buying something based on price or quantity.
What are 5r's of buying?
The 5 R's of buying are: 1) Right product - selecting the right product that meets your needs, 2) Right quantity - buying the appropriate amount to avoid waste, 3) Right price - getting a good deal for the product, 4) Right time - timing the purchase to take advantage of promotions or discounts, and 5) Right source - purchasing from a reputable and reliable seller.
Intderested to buy quantity of Ferrochina Bisleri?
Are you selling or buying? I am interested in buying.
Role of producers in consumer awareness?
Producers play an important role in consumer awareness. They should make information about their product readily available to consumers so that people know what they're buying and what a product's brand is about.
