0
How does the change in price of one commodity affect the consumer's equilibrium?
Wiki User
∙ 10y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What are the factors that affect demand forecasting?
- consumers may not be aware of actual demand in future - answers from consumers are not real - consumer response are biased - plan of consumers change with time
If the income elasticity of demand for a product is -0.5 then?
Income Elasticity:Income Elasticity of Demand is measure of percentage change in demand for a commodity due to 1% change in income of consumers. Negative Income Elasticity :Increase in Income of consumers lead to decrease in the quantity demanded for a commodity.Example: unbranded items.so if Income Elasticity for product is -0.5 then its demand will be decreases as Income of consumers increases.
Discuss the assumption of law of demand?
There is an inverse relationship between quantity demanded and its price. The people know that when price of a commodity goes up its demand comes down. When there is decrease in price the demand for a commodity goes up. There is inverse relation between price and demand . The law refers to the direction in which quantity demanded changes due to change in price. Assumptions of the law There is no change in income of consumers. There is no change in the price of product. There is no change in quality of product. There is no substitute of the commodity. The prices of related commodities remain the same. There is no change in customs. There is no change in taste and preference of consumers. The size of population remains the same. The climate and weather conditions are same. The tax rates and other fiscal measures remain the same.
For a given increase in supply the slope of both demand curve and supply curve affect the change in equilibrium quantity Is this statement true or false Explain with diagrams?
For a given increase in supply the slope of both demand curve and supply curve affect the change in equilibrium quantity Is this statement true or false Explain with diagrams?
What is equilibrium in an open mixed economy?
Economic equilibrium is deemed to have been achieved when, theoretically, the demand for goods and services by consumers is about equal with the supply of those goods and services into the economy by the suppliers. This is generally considered to have been achieved when market prices for most commodities stabilize, with little change. When equilibrium is achieved, inflation in the market is marginal.
Is it true that a change in pressure may affect the equilibrium position but has no effect on the equilibrium constant?
No.
According to le chatelier principle how would a change in pressure affect a gaseous system in equilibrium?
The answer is "The equilibrium would shift to reduce the pressure change" on Apex
How would a change in pressure affect a gaseous system in equilibrium, according to Le Chatelier's principle?
The answer is "The equilibrium would shift to reduce the pressure change" on Apex
according to le chatelier's principle, how would a change in pressure affect a gaseous system in equilibrium?
The answer is "The equilibrium would shift to reduce the pressure change" on Apex
How would Le Chatelier's principle a change in pressure affect a gaseous system in equilibrium?
The equalibrium would shift to reduce the pressure
Assuming that the reaction is at equilibrium what effect does the addition of a catalyst have on the equilibruim?
a catalyst lowers the activation energy for both the forward and reverse reaction. however, it does not change the potential energy of the reactants or products. it also does not affect the heat of reaction (delta h)
What happen to the movement of molecules at equillimbrium?
The movement of molecules at equilibrium is determined by Le Chatalier's principle. This basically says that if you change a reaction to favour one side, the equilibrium will try and counteract this change. The three things that can affect an equilibrium is temperature, pressure and concentration.
What are the factors that affect demand forecasting?
- consumers may not be aware of actual demand in future - answers from consumers are not real - consumer response are biased - plan of consumers change with time
What effect does a promoter catalyst have on the position of the equilibrium?
By definition a catalyst cannot affect equilibrium because although a catalyst can speed up a chemical reaction, it cannot change the thermodynamics of it, and equilibrium is determined solely by thermodynamics. A catalyst may help a system reach equilibrium more quickly, but it will not change it. One possible way a catalyst could affect equilibrium is by introducing a catalyst that affects a different reaction involving the substrate or products of the original reaction, but this would be cheating since the system would no longer be closed.
If the income elasticity of demand for a product is -0.5 then?
Income Elasticity:Income Elasticity of Demand is measure of percentage change in demand for a commodity due to 1% change in income of consumers. Negative Income Elasticity :Increase in Income of consumers lead to decrease in the quantity demanded for a commodity.Example: unbranded items.so if Income Elasticity for product is -0.5 then its demand will be decreases as Income of consumers increases.
Discuss the assumption of law of demand?
There is an inverse relationship between quantity demanded and its price. The people know that when price of a commodity goes up its demand comes down. When there is decrease in price the demand for a commodity goes up. There is inverse relation between price and demand . The law refers to the direction in which quantity demanded changes due to change in price. Assumptions of the law There is no change in income of consumers. There is no change in the price of product. There is no change in quality of product. There is no substitute of the commodity. The prices of related commodities remain the same. There is no change in customs. There is no change in taste and preference of consumers. The size of population remains the same. The climate and weather conditions are same. The tax rates and other fiscal measures remain the same.
For a given increase in supply the slope of both demand curve and supply curve affect the change in equilibrium quantity Is this statement true or false Explain with diagrams?
For a given increase in supply the slope of both demand curve and supply curve affect the change in equilibrium quantity Is this statement true or false Explain with diagrams?
