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The price of one good in comparison with the price of other goods
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∙ 12y ago
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What is relative elasticity of demand?
reduction in price causes more change in demand
What happens if the dollar price of yen rises?
the dollar depreciates relative to the yen.
How do firms engage in price competition?
Firms might engage in price competition by advertising that they offer the lowest price on selected merchandise. Price competition lowers the selling price of the good, relative to competitors' prices.-From Usatestprep.com
Determinants of own price elasticity of demand?
1. Number of Substitute Products - the greater the number of substitute products, the greater is its own price elasticity of demand. 2. Price of Product Relative to consumers income - the greater the price of product relative to consumers income the greater is it Price Elasticity. 3. Nature of Goods - whether it is luxury good or necessity goods. 4. Passage of Time - the longer the time lapsed the greater Price Elasticity. Hope this answer helps... :)
A change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the products price?
substitution effect
Why is it important to look at a goods relative price as opposed to its absolute price?
so you can save money
Family or relative's of Leontyne Price?
Oprah and I are the only living ones
What is relative elasticity of demand?
reduction in price causes more change in demand
What happens if the dollar price of yen rises?
the dollar depreciates relative to the yen.
Which of the following is not characteristic of the demand of a commodity that is elastic a.total revenue declines if price is increased b.buyers are relatively sensitive to price changes c. t?
c.the elasticity coefficient is less then 1 d.the relative change in quantity demanded is greather then the change in relative price
What is the difference between income elasticity demand and price elasticity demand?
price elasticity is the degree to which demand for a good will change relative to a change in the price of that good. Income elasticity is the degree to which demand for a good will change relative to a change in the spending power of the consumer. it is the percentage change in quantity demanded/percentage change in price.
How do firms engage in price competition?
Firms might engage in price competition by advertising that they offer the lowest price on selected merchandise. Price competition lowers the selling price of the good, relative to competitors' prices.-From Usatestprep.com
Firms with a high degree of operating leverage are?
Have a high amount of fixed costs relative to their variable costs. DOL= CM / Net Income We derive CM by the eqaution of Selling Price - Variable Costs If a firm has high variable costs relative to their selling price then they will have a small CM and therefore their DOL will decrease. Have a high amount of fixed costs relative to their variable costs. DOL= CM / Net Income We derive CM by the eqaution of Selling Price - Variable Costs If a firm has high variable costs relative to their selling price then they will have a small CM and therefore their DOL will decrease.
What was the price of a loaf of bread in the 1970s?
In England, 9p. In America, 25 cents. But this is all relative.
Can you buy sole e35 in Sears at a cheaper price?
The sole e35 is sold at sears but the price is relative depending on what other price you are comparing it to. The best thing to do is shop around on various sites.
What is a good price for a Columbia 300 Rock On bowling ball?
A good price is relative to what goes behind the ball, such as the pro shop, ball drilling, etc.
Determinants of own price elasticity of demand?
1. Number of Substitute Products - the greater the number of substitute products, the greater is its own price elasticity of demand. 2. Price of Product Relative to consumers income - the greater the price of product relative to consumers income the greater is it Price Elasticity. 3. Nature of Goods - whether it is luxury good or necessity goods. 4. Passage of Time - the longer the time lapsed the greater Price Elasticity. Hope this answer helps... :)
