Many products are unique in quality, so instead of buying a good solely based on the price you may buy a good based on a unique service such as next day delivery.
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)
you buy and price moves easy
the determinats demand are prices and non price factor
non -wage factors are factor that are factor without payments
The factor substitution effect refers to the change in the amount of one factor of production (like labor or capital) used in response to a change in its relative price, while keeping the output level constant. When the price of one factor decreases, firms may substitute that factor for another, leading to a reallocation of resources to maintain cost efficiency. This effect is crucial in understanding how firms adjust their production processes in response to changes in factor prices, influencing overall economic efficiency.
Non-price factors are actions that may influence the behavior of the market price. This is also called as shift factors or determinants that affect the accelerating change.
Non-price factors are actions that may influence the behavior of the market price. This is also called as shift factors or determinants that affect the accelerating 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)
you buy and price moves easy
the determinats demand are prices and non price factor
Weather
non -wage factors are factor that are factor without payments
A non-factor.
the cost of factor of production
The factor substitution effect refers to the change in the amount of one factor of production (like labor or capital) used in response to a change in its relative price, while keeping the output level constant. When the price of one factor decreases, firms may substitute that factor for another, leading to a reallocation of resources to maintain cost efficiency. This effect is crucial in understanding how firms adjust their production processes in response to changes in factor prices, influencing overall economic efficiency.
The final price for this item is 100, and the price is non-negotiable.
non-factor