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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 the meaning of elastricity demand?
The term elasticity indicates responsiveness of one variable to change in other variable.For e.g.,when variable x responds to change in variable y,variable x is said to be elastic.Likewise,demand is said to be elastic if it responds to change in price. There are three main determinants of demand,they are price of the commodity,income of the consumers,and price of the related goods.Thus,elasticity of demand means responsiveness of demand due to change in price of the commodity,income of the consumer,and price of the related gooods. Or you can say that,it measures the degree of change in the quantity demanded of the commodity in response to a given change in price of the commodity,change in consumer's income or price of the related goods. Accordingly,there are three main type of elasticities of demand: 1. Price elasticity of demand: Price elasticity of demand measures the responsiveness of demand for a commodity due to change in it's price. 2. Income elasticity of demand: It indicates the responsiveness of demand to change in consumer's income.It is the degree of change of demand to a change in consumer's income. 3. Cross elasticity of demand: It refers to change in quantity demanded of commodity x as a result of changes in the price of commodity y. Here, x and y can be either substitute goods or complementary goods).
How do enzymes affect the equilibrium constant of a reaction?
Enzymes do not affect the equilibrium constant of a reaction. They only speed up the rate at which the reaction reaches equilibrium, but do not change the position of the equilibrium itself.
Is it true that a change in pressure may affect the equilibrium position but has no effect on the equilibrium constant?
Yes, a change in pressure may affect the equilibrium position by shifting the reaction towards the side with more moles of gas to relieve the pressure change, but it has no effect on the equilibrium constant because the equilibrium constant is determined solely by the reaction's intrinsic properties.
How do solids affect equilibrium in a chemical reaction?
Solids do not affect the equilibrium of a chemical reaction because their concentration remains constant and does not change during the reaction. Only the concentrations of gases and dissolved substances in a reaction mixture can affect the equilibrium position.
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
Why do solids not affect equilibrium in a chemical reaction?
Solids do not affect equilibrium in a chemical reaction because their concentration remains constant and does not change during the reaction. This means that the presence of solids does not impact the equilibrium position or the rate of the reaction.
How would a change in pressure affect a gaseous system in equilibrium according to Le chatlier's principle?
According to Le Chatelier's principle, a change in pressure will affect a gaseous system in equilibrium by shifting the position of the equilibrium to counteract that change. If the pressure increases, the equilibrium will shift toward the side of the reaction with fewer moles of gas to reduce the pressure. Conversely, if the pressure decreases, the equilibrium will shift toward the side with more moles of gas. This shift helps to restore balance in the system.
How does a change in temperature affect the equilibrium shift of a chemical reaction?
A change in temperature can affect the equilibrium shift of a chemical reaction by either favoring the forward reaction (endothermic) or the reverse reaction (exothermic). When the temperature increases, the equilibrium will shift towards the endothermic direction to absorb the excess heat. Conversely, when the temperature decreases, the equilibrium will shift towards the exothermic direction to release heat.
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.
Why don't solids and liquids affect equilibrium in a chemical reaction?
Solids and liquids do not affect equilibrium in a chemical reaction because their concentrations remain constant during the reaction. This is because the amount of solid or liquid present does not change as the reaction progresses, so they do not impact the equilibrium concentrations of the reactants and products. Only the concentrations of gases and aqueous solutions can affect the equilibrium of a chemical reaction.
How does the catalyst affect the Keq value of a reacti on?
A catalyst does not affect the value of the equilibrium constant (Keq) of a reaction. The presence of a catalyst increases the rate of both the forward and reverse reactions equally, allowing the system to reach equilibrium more quickly but does not change the final equilibrium composition.
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
