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What effects the law od demand when the price of a good changes?
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When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
How may changes in prices affect the demand for a good?
Price and demand of a good have inverse relationship. An increase in the prices of a good will lead to fall in the demand of a good and viceversa.
When the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
Demand is said to be elastic if?
buyers do not respond much to changes in the price of the good.
What is perfect elastic of demand?
A good's demand is considered perfectly inelastic when that good's demand does not change, no matter the price set. No matter how big or small the price change is. I would pay any price for air.
What is the price of elasticity of demand?
The responsiveness of quantity demanded to changes in the price of a good
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
How may changes in prices affect the demand for a good?
Price and demand of a good have inverse relationship. An increase in the prices of a good will lead to fall in the demand of a good and viceversa.
When the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
When the quantity sold of a good changes significantly in response to changes in price its demand?
highly elastic
Demand is said to be elastic if?
buyers do not respond much to changes in the price of the good.
What is perfect elastic of demand?
A good's demand is considered perfectly inelastic when that good's demand does not change, no matter the price set. No matter how big or small the price change is. I would pay any price for air.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
Uses of cross elasticity of demand?
Cross elasticity in economics, also referred to as cross-price elasticity is used to measure the changes of the demand of a certain commodity to the price changes of another good.
How can population changes affect demand for certain goods?
immediate demand for a good will go up if it's price is expected to rise. this is how population changes affect demand for certain goods.
What changes would not shift the demand curve for a good or service?
B a change in the price of the good or service
Is the price of a good the strongest determinant of its demand?
No - look at the example of motor fuel. No. The price of a good is not a determinant of demand at all. The price of a good determines the quantity demanded, not the demand. "The demand" is a curve showing the quantity demanded at each price. If price changes, you simply move up or down the line. The "Demand" does not change, because you are still on the same line. The strongest determinant of demand is probably the consumer(s)' taste and preferences.
