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If people have more time to adjust to a price change what happens?
Wiki User
∙ 9y ago
The greater will be the price elasticity of demand.
Wiki User
∙ 9y ago
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The demand for good x will be more elastic than the demand for good y when?
consumers have more time to adjust to a change in the price of good x than they have time to adjust to a change in the price of good y
What happens to price and quantity of milk when more people start eating cereal for breakfast?
people eat cereal for breafast now and milk is at an average price so it will not change in price at all:)
What are the main reasons that firms adjust their output when the price level change?
stillwagon everybody.
What happens when the value is greater than one in elasticity?
it means that price is elastic. Price elastic means that a little change in the price will cause a substantial change in the quantity demanded.
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.
The demand for good x will be more elastic than the demand for good y when?
consumers have more time to adjust to a change in the price of good x than they have time to adjust to a change in the price of good y
What happens to price and quantity of milk when more people start eating cereal for breakfast?
people eat cereal for breafast now and milk is at an average price so it will not change in price at all:)
What are the main reasons that firms adjust their output when the price level change?
stillwagon everybody.
What happens when the value is greater than one in elasticity?
it means that price is elastic. Price elastic means that a little change in the price will cause a substantial change in the quantity demanded.
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.
What happens in the case of a product that has elastic supply when the price decrease?
people die
What is the lowest price I can get an oil change?
The cheapest price I ever got an oil change for was $24.95. I know some people who change the oil themselves. They told me it is not very hard to do.
What does gross price and net price?
The gross price is the basic price. Adjust for any discuont, add any relevant taxes and you get the net price.
What happens if price of petrolium products increased?
what happens if petrolium price is hike
When the price of a good or service changes what happens?
When the price of a good or a service changes, people will generally buy that good or service in plenty. People generally love getting real value for their money.
What happens if you have several people asking for sell now price who do you sell to?
First come, first served.
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)
