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Demand Price/ or Demand Pricing is the amount customers are willing for a given quantity of a product for example you would buy 1chocolate bar for 50p but 3 for £1
Wiki User
∙ 12y ago
Wiki User
∙ 11y agoIt express the relation between price of a good and it's demand. It shows what quantity of a good will be demanded at its different prices.
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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 ..
Why price on y-axis in demand function?
bez when demand function have price on y-axis, its mean that price have the inverse relation to the demand, in other words price lead to demand curve.
Why do the demand curve slope downward?
The demand curve will have a downward slope indicating ________ . A. the expansion of demand with a fall in price B. contraction of demand with a rise in price C. the expansion of demand with a fall in price and contraction of demand with a rise in price D. rise in price causes a rise in supply
When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
Why does price decrease as demand decreases?
It does not. If you follow the demand curve it shows that as price decreases, demand increases.
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Why price an independable variable and demand is dependent variable?
Because demand creates the price, and not the price dictates the demand.
How do the changes of demand affect the price?
Higher demand, the higher the price goes. Remove the demand for something and then the price drops.
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 ..
Why price on y-axis in demand function?
bez when demand function have price on y-axis, its mean that price have the inverse relation to the demand, in other words price lead to demand curve.
Why do the demand curve slope downward?
The demand curve will have a downward slope indicating ________ . A. the expansion of demand with a fall in price B. contraction of demand with a rise in price C. the expansion of demand with a fall in price and contraction of demand with a rise in price D. rise in price causes a rise in supply
What will happen to price if the demand for ethanol increase?
If the demand for ethanol increases the price will also increase.This is based on price elasticity of demand.
When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
Why does price decrease as demand decreases?
It does not. If you follow the demand curve it shows that as price decreases, demand increases.
How will demand effect price and quantity?
High Demand Lowers QuantityLow Demand increases price and quantity
What is cross price elasticity demand?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
Explain law of demand?
Law of demand is an important law of economics. It establishes a relationship between price and demand.other things renaming the same when the price of commodity falls its demand will go up likewise,when the price of the commodity rises its demand will fall price and demand moves in opposite direction.there is inverse relationship between demand and price.in other words low price high demand high price low demand.
