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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%
How will demand effect price and quantity?
High Demand Lowers QuantityLow Demand increases price and quantity
Most mental disorders cannot be treated with medication.?
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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%
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.
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 the relationship between price and demand for a Giffen good?
The relationship between price and demand for a Giffen good is unique because as the price of the good increases, the demand for it also increases. This is contrary to the law of demand, where an increase in price leads to a decrease in demand.
