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A measure of how suppliers react to a change in price?
The answer will most likley be (b) quantity supplied
How would suppliers react to a price increase for a product?
Suppliers supply more of the goods as and when prices of that commodity increases.
What is a measure of how consumers react to a change in price?
The answer is Price Elasticity of Demand tool.
Assuming that are other things remains unchanged how with suppliers react to a price increase for product?
The consumers would buy less of that product
How does quantity supplied of a good with a large elasticity of supply react to price change?
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
A measure of how suppliers react to a change in price?
The answer will most likley be (b) quantity supplied
How would suppliers react to a price increase for a product?
Suppliers supply more of the goods as and when prices of that commodity increases.
What is a measure of how consumers react to a change in price?
The answer is Price Elasticity of Demand tool.
Assuming that are other things remains unchanged how with suppliers react to a price increase for product?
The consumers would buy less of that product
How does quantity supplied of a good with a large elasticity of supply react to price change?
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
Why does the supply line slope and to the right?
Because, as the price increases, suppliers are prepared to produce more units. Because, as the price increases, suppliers are prepared to produce more units. Because, as the price increases, suppliers are prepared to produce more units. Because, as the price increases, suppliers are prepared to produce more units.
What is the price at which consumers will purchase the same quantity of a product that suppliers will produce?
The equilibrium price is the price at which consumers will purchase the same quantity of a product that suppliers will produce.
Price elasticity of demand in the marker place?
Price elasticity of demand is the responsiveness of quantity demanded of a good to a change in its price.Basically it describes how consumers react to a price change.The price elasticity of demand is calculated byPED= %Quantity demanded : % Change of Priceor in words: the percentage change in the quantity demanded divided by the percentage change in price
If the price of a product is above the equilibrium price what is the result?
suppliers produce more than consumers want to purchase and the suppliers end up with surpluses.
How do you write a letter for asking price reduction from suppliers due to raw material reduction?
price reduce letter
How is elasticity of supply related to elasticity of demand?
Elasticity of supply refers to the responsiveness of guantity supplied of a commodity to changes in its own price. And the formulafor measuring elasticity of supply percentagechange in quantity supplied/ %change in price
What is the tendency of suppliers to offer more of a good at higher price?
Law of Supply
