Demand inelasticity with regard to price means that the quantity demanded of a product or service varies little even as the price varies greatly. This may happen, for example, when the product or service is relatively essential, when there are few if any substitutes or complements, or when the price, however much it varies, is an inconseqential amount compared to the income of the consumer. Technology can also affect the amount demanded. It is also necessary to define the use of the product. For example, electricity as a product is used for heating homes, air conditioning, watching television, and running a computer. Though the product is physically the same (flow of electrons) for all purposes, the demand is not similarly elastic for all uses. Electricity used for heating in a cold climate may be rather essential, but there are usually alternatives such as oil, propane, wood, gas, etc. It requires large quantities of electricity for this task, so it is often a large part of the household budget, and there are technological options (heat pumps vs. resistance baseboard heat) and readily available complements (insulation and storm windows), for example. The quantity of electricity demanded for heating, therefore should be rather elastic over the long run. Televisions and computers use relatively a lot less electricity, there is no substitute, the cost is not great relative to the typical household's income, so the quantity demanded of electricity for these purposes should not vary greatly as the price varies.
Inelasticity is a good that you will buy nomatter the price change. Elasticity is when the price of a product increases demand for the product will decrease.
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Factors that influence the demand for goods with elastic demand include the availability of substitutes, the necessity of the good, and the proportion of income spent on the good.
Macro economic factors globally influence supply and demand. These factors include climate and disasters resulting in skewed outcomes versus predictability in agriculture.
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Inelasticity is a good that you will buy nomatter the price change. Elasticity is when the price of a product increases demand for the product will decrease.
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price of the commodity
Factors that influence the demand for goods with elastic demand include the availability of substitutes, the necessity of the good, and the proportion of income spent on the good.
Discuss the factors that are likely to influence the demand for desktop computers in GHANA?
Supply, demand, price, and cost would be the factors.
Macro economic factors globally influence supply and demand. These factors include climate and disasters resulting in skewed outcomes versus predictability in agriculture.
answer it
demand of the product
There are a number of factors that can influence human resource demand in an organisation. Some examples are expansion, change of specialisation of the organisation's team, restructuring, among others.
Several factors can influence the relationship between total demand for output and the aggregate demand curve. These factors include changes in consumer spending, investment levels, government spending, and net exports. Additionally, factors such as interest rates, inflation, and overall economic conditions can also impact the aggregate demand curve.
Factors that influence the pricing strategy for products with elastic demand include the availability of substitute products, consumer income levels, and the overall market competition.