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Explain the six determinants that will change shift the demand curve?
Consumer income Consumer taste Substitutes Compliments Change in expectation Number of consumer
When less expensive substitutes for a product are readily available then demand for that product is likely to be more (1 point) elastic unitary urgent inelastic?
When less expensive substitutes for a product are readily available, the demand for that product is likely to be more elastic. This means that consumers can easily switch to alternatives if the price of the original product rises, leading to a significant change in quantity demanded. In contrast, if substitutes are scarce, demand tends to be more inelastic, as consumers have fewer options to turn to.
What are the reasons why demand changes for a particular product or service?
Demand for a product or service can change due to factors such as changes in consumer preferences, shifts in income levels, fluctuations in prices, changes in the overall economy, and the introduction of new technology or substitutes.
Can you define substitutes in economics and explain how they impact consumer behavior and market dynamics?
Substitutes in economics are products or services that can be used in place of each other. When substitutes are available, consumers have more options and can switch between products based on price, quality, or other factors. This can impact consumer behavior by influencing their purchasing decisions and creating competition in the market, which can lead to lower prices and increased innovation. Market dynamics are also affected as the availability of substitutes can change demand for certain products and impact the overall equilibrium in the market.
What is the Significance of cross elasticity in business decision making?
The degree of change in the demand for one product as a response to a change in the price of a different product. For example, an increase in the price of petroleum is likely to have a negative impact on the demand for gas-guzzling vehicles and a positive impact on the demand for fuel-efficient vehicles. The cross elasticity for substitutes is generally positive, in that a price increase for one product will result in an increase in demand for a substitute.
Explain the six determinants that will change shift the demand curve?
Consumer income Consumer taste Substitutes Compliments Change in expectation Number of consumer
What are some affects to the market supply curve?
cost of labor a change in the demand for the product the number of sellers offering the product
What are the reasons why demand changes for a particular product or service?
Demand for a product or service can change due to factors such as changes in consumer preferences, shifts in income levels, fluctuations in prices, changes in the overall economy, and the introduction of new technology or substitutes.
Can you define substitutes in economics and explain how they impact consumer behavior and market dynamics?
Substitutes in economics are products or services that can be used in place of each other. When substitutes are available, consumers have more options and can switch between products based on price, quality, or other factors. This can impact consumer behavior by influencing their purchasing decisions and creating competition in the market, which can lead to lower prices and increased innovation. Market dynamics are also affected as the availability of substitutes can change demand for certain products and impact the overall equilibrium in the market.
What is the Significance of cross elasticity in business decision making?
The degree of change in the demand for one product as a response to a change in the price of a different product. For example, an increase in the price of petroleum is likely to have a negative impact on the demand for gas-guzzling vehicles and a positive impact on the demand for fuel-efficient vehicles. The cross elasticity for substitutes is generally positive, in that a price increase for one product will result in an increase in demand for a substitute.
How does the frontier change when technological change affects only the pumpkin industry?
a technological change affects only the pumpkin industry?
What are the 2 types of subs in rugby union?
In rugby union, the two types of substitutes are tactical substitutes and injury substitutes. Tactical substitutes are made to change the dynamics of the game, such as bringing on a fresher player for strategic advantage. Injury substitutes occur when a player is unable to continue due to injury, allowing a replacement to enter the game. Each team can make a limited number of substitutions during a match.
Explain the effects of a rise in the price on market when the price elasticity of demand for product is inelastic?
Revenue of the producer will increase since there will be no change in quantity demanded.
What are the factors of demand curve shift?
Shift in demand curve is affected by the change in prices of substitutes, change in consumer's behaviour, tastes and income etc.
What is the between derived demand and joint demand?
Derived demand occurs when there is a change of customers' demand on particular product and produces have to buy new production equipment, which means that the change in consumer demand for a product affects demand for all firms involved in the production of that product. Joint demand has nothing to do with changing the production equipments. In this case, demand of the product depends on demand of its compliment. For example, demand on inc depends on demand on printers.
Briefly explain the reasons for organizational change in an organization?
explain the reasons for organizational change
A chemical change occurs when what?
Chemical Change: A chemical change is when the product has changed completely to a new product.
