0
The price will surely affect the sale of the product, if I can get the same item at a cheaper tate , and if it is equally good Then as I an going to buy it, so will many others. The sale of the costly object will be less sold.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
Price elasticity of demand for luxury goods will be?
elastic becoz wen price of the commodity changes , it affects the demand for the commodity .. Demand for a product is sensitive to price changes .. With icrease in price , the demand decreases nd with decrease in price , demand increases ..
What are example of product with perfectly elastic and perfectly inelastic supply?
Elasticity of supply describes how a product's quantity affects its price. Milk, for example, has an elastic supply - the quantity goes up and the price goes down. Or, as the quantity is limited, the price goes up. Inelastic supply implies that availability does not affect price, such as with airplane flight tickets.
Discuss whether the price mechanism is an effective way to solve the basic economic problem?
Price mechanism is an effective way to solve the basic economic problem. The price of a product is what will determine the demand and this will influence the production output which directly affects the economy.
What is a demand for a product?
A demand for a product is when a customer expresses a desire or willingness to purchase a product. It is the amount of a product that customers are willing to buy at a specific price. Generally the demand for a product is determined by the price of the product the customers income the availability of a substitute and the customers preferences. When the price rises demand falls and when the price decreases demand increases.Factors that affect the demand for a product include: Price of the product Customers income Availability of a substitute Customers preferencesIf the price of the product rises then the demand for the product falls and vice versa. This is due to the fact that customers are willing to pay a certain price for a product and when the price increases customers will be less likely to purchase the product.
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
How rise in crude oil price affects the plastic industry?
Plastic is a by product of oil therefore the price should go up
Price elasticity of demand for luxury goods will be?
elastic becoz wen price of the commodity changes , it affects the demand for the commodity .. Demand for a product is sensitive to price changes .. With icrease in price , the demand decreases nd with decrease in price , demand increases ..
What internal factors that the firm has control over affects stock price?
Some internal factors that affect stock price include product quality and the price of the item. When more people purchase the item the stock price will ultimately increase.
What are example of product with perfectly elastic and perfectly inelastic supply?
Elasticity of supply describes how a product's quantity affects its price. Milk, for example, has an elastic supply - the quantity goes up and the price goes down. Or, as the quantity is limited, the price goes up. Inelastic supply implies that availability does not affect price, such as with airplane flight tickets.
Discuss whether the price mechanism is an effective way to solve the basic economic problem?
Price mechanism is an effective way to solve the basic economic problem. The price of a product is what will determine the demand and this will influence the production output which directly affects the economy.
What is a demand for a product?
A demand for a product is when a customer expresses a desire or willingness to purchase a product. It is the amount of a product that customers are willing to buy at a specific price. Generally the demand for a product is determined by the price of the product the customers income the availability of a substitute and the customers preferences. When the price rises demand falls and when the price decreases demand increases.Factors that affect the demand for a product include: Price of the product Customers income Availability of a substitute Customers preferencesIf the price of the product rises then the demand for the product falls and vice versa. This is due to the fact that customers are willing to pay a certain price for a product and when the price increases customers will be less likely to purchase the product.
If selling price is S and product price is P then what will be the profit?
Selling price is somethng on which the profit depends so its Selling price - Product price = profit
What is caused by a raise in the price of a product?
The raise in the price of a product causes an increase in competition.
What are the internal factor that affects the marketing mix in a business?
There are many internal factors that affect the marketing mix in a business. The most obvious ones include price, place, promotion and the product.
Why doesnt coke lose its customers when it raises its price?
because of the product itself. customers buy the product not only looking at the price but because of the quality of the product. if consumers are satisfied with the product, they will entertain the product even if it raises price.
Change in market price?
Changes in the market price is determined by demand of a product. If consumers demand the product, then the price will increase.
