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What is the explanation of determinants of demand?
law of demand: the higher the price the lower the demand for the product and vise versa
Definition of determinants of supply?
Assuming the market is perfectly competitive and there are no government imposed restriction, the quantity supplied will equal the quantity demanded, meaning the quantity demanded by buyers equals the quantity supplied by sellers.
And quantity demanded is shown on?
And quantity demanded is shown on?
What is an increase in quantity demanded?
what in is an increase in quantity demanded
When quantity supplied is more than quantity demanded its called?
A quantity supplied is more than quantity demanded its called A Surplus.
What is the explanation of determinants of demand?
law of demand: the higher the price the lower the demand for the product and vise versa
Definition of determinants of supply?
Assuming the market is perfectly competitive and there are no government imposed restriction, the quantity supplied will equal the quantity demanded, meaning the quantity demanded by buyers equals the quantity supplied by sellers.
And quantity demanded is shown on?
And quantity demanded is shown on?
What is an increase in quantity demanded?
what in is an increase in quantity demanded
When quantity supplied is more than quantity demanded its called?
A quantity supplied is more than quantity demanded its called A Surplus.
At equilibrium price the quantity is demanded always equal to the quantity supplied?
Yes, the equilibrium price equates the quantity supplied to the quantity demanded.
How do you calculate surplus and shortages?
Surplus occurs when the quantity supplied of a good exceeds the quantity demanded at a given price, leading to excess inventory. To calculate it, subtract the quantity demanded from the quantity supplied at that price. Conversely, a shortage happens when the quantity demanded exceeds the quantity supplied, indicating unmet consumer demand. This can be calculated by subtracting the quantity supplied from the quantity demanded at the same price.
How do you calculate the quantity demanded when the elasticity is given?
To calculate the quantity demanded when the elasticity is given, you can use the formula: Quantity Demanded (Elasticity / (1 Elasticity)) (Price / Price Elasticity). This formula helps determine the change in quantity demanded based on the given elasticity and price.
When quantity supplied exceeds quantity demanded there is?
surplus
The quantity of a product that will be purchased at a given price is the?
quantity demanded
When quantity supplied and quantity demanded are equal the market is in?
Equilibrium.
What are demand determinants?
Factors that also determine the quantity demanded.QdxPxPyITN
