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How does the elasticity of a product change over time as external factors and market conditions evolve?
The elasticity of a product can change over time as external factors and market conditions evolve. When a product is first introduced, its elasticity may be high as consumers are more sensitive to price changes. However, as the product becomes more established in the market and competition increases, its elasticity may decrease as consumers become less sensitive to price changes. Additionally, changes in consumer preferences, income levels, and overall economic conditions can also impact the elasticity of a product over time.
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Why is determining demand elasticity important in economics?
What are the determined factors of price elasticity of demand
What is environmental elasticity?
Environmental elasticity is the responsiveness of demand for a product to a change in the environmental impact of the product.
What is importance of elasticity?
Cross elasticity of demand is the responsiveness of demand for one product to a change in the price of another product. It will help predicts how prices of products will act.
What is the difference between elasticity and inelasticity of demand?
Inelasticity is a good that you will buy nomatter the price change. Elasticity is when the price of a product increases demand for the product will decrease.
Importance of elasticity of demand?
It is important because if a company doesn't understand their product's elasticity of demand, they are screwed!
What are the internal and external factors for pricing?
There are internal and external factors for pricing. The internal factors include the manufacturing or purchasing costs while external factors depend on the demand of a product.
Why is determining demand elasticity important in economics?
What are the determined factors of price elasticity of demand
What are the various factors that affect the pricing of a product?
the pricing of a product is largely depended on the two main factors : - 1. Internal like cost of production profit margin etc 2. External like type of market, general economic conditions, competitors, nature of the product etc.
Which of the following factors influences a consumer when deciding to buy a product?
external factors
What is environmental elasticity?
Environmental elasticity is the responsiveness of demand for a product to a change in the environmental impact of the product.
Describe the seven external factors that affect marketing Discuss the advantages and disadvantages of one external factor when it comes to marketing your product or service?
Describe the seven external factors that affect marketing and business
What is unitary elasticity?
The term unitary elastic is used in economics and is also known as unitary elastic demand or unitary elasticity. It is a measure that is used to show the elasticity of the amount demanded of a product to a change in the price of the product.
What is importance of elasticity?
Cross elasticity of demand is the responsiveness of demand for one product to a change in the price of another product. It will help predicts how prices of products will act.
What is the difference between elasticity and inelasticity of demand?
Inelasticity is a good that you will buy nomatter the price change. Elasticity is when the price of a product increases demand for the product will decrease.
Importance of elasticity of demand?
It is important because if a company doesn't understand their product's elasticity of demand, they are screwed!
What is importance of cross elasticity?
Cross elasticity of demand is the responsiveness of demand for one product to a change in the price of another product. It will help predicts how prices of products will act.
What is the impact of varying reaction conditions on the fractional yield of the desired product?
The impact of changing reaction conditions on the amount of desired product produced can vary. Factors such as temperature, pressure, and reactant concentrations can affect the yield of the product. By optimizing these conditions, the fractional yield of the desired product can be increased.
