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The term elasticity indicates responsiveness of one variable to change in other variable.For e.g.,when variable x responds to change in variable y,variable x is said to be elastic.Likewise,demand is said to be elastic if it responds to change in price. There are three main determinants of demand,they are price of the commodity,income of the consumers,and price of the related goods.Thus,elasticity of demand means responsiveness of demand due to change in price of the commodity,income of the consumer,and price of the related gooods. Or you can say that,it measures the degree of change in the quantity demanded of the commodity in response to a given change in price of the commodity,change in consumer's income or price of the related goods. Accordingly,there are three main type of elasticities of demand: 1. Price elasticity of demand: Price elasticity of demand measures the responsiveness of demand for a commodity due to change in it's price. 2. Income elasticity of demand: It indicates the responsiveness of demand to change in consumer's income.It is the degree of change of demand to a change in consumer's income. 3. Cross elasticity of demand: It refers to change in quantity demanded of commodity x as a result of changes in the price of commodity y. Here, x and y can be either substitute goods or complementary goods).
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What is the meaning of projected demand?
tae to walang sagot
Types and meaning of demand forecasting?
Demand Forecasting Is the estimation of total and maximum quantity needed by the consumers in the market at future time. It must not be higher or lower than the balanced demand. TYPES; qualitative and quantitative demand forecasting.
The supply and demand of a Ferrari is the same?
The demand for a ferrari is very high, and with very limited production it means the supply is very low. Meaning for whatever supply they put out the demand is always met.
Meaning of elasticity?
It measures the sensitivity of one variable with respect to another, e.g. own price elasticity of demand measures the sensitivity of demand for a commodity with respect to its own price.
What happens to price when a surplus exists?
Surplus means there will be excess supply, meaning demand will fall, and so will prices
What is the literal meaning of expostulate?
to demand
What is the meaning of demand draft and normal draft?
is any future of demand draft
What is the meaning of projected demand?
tae to walang sagot
Meaning of requisition?
is is a formal demand for goods or services
What is the meaning of to meet demand?
Demand means what is needed or wanted. If you meet that, you produce or supply as much as is needed or wanted.
Why is the theoretical value for modulus of elastricity for mild steel is different from the calculated value?
because it is the ratio of the stress to the strain and in actual condition the strain developed is different from the theoretical .
What is the meaning of overproduction?
Excessive production; supply beyond the demand.
Whats the Meaning of the word ultimatum?
An ultimatum is a demand that must be met within a specified timeframe. This demand is backed up by a threat of something happening if the demand is not met.
Which 2 words are opposite in meaning demand impede negate ignore provide assert?
Demand and provide are opposite in meaning, in the sense that one is asking for something (requires its provision) and the other is supplying it.
Types and meaning of demand forecasting?
Demand Forecasting Is the estimation of total and maximum quantity needed by the consumers in the market at future time. It must not be higher or lower than the balanced demand. TYPES; qualitative and quantitative demand forecasting.
The supply and demand of a Ferrari is the same?
The demand for a ferrari is very high, and with very limited production it means the supply is very low. Meaning for whatever supply they put out the demand is always met.
What is the meaning of existential theory?
Existential theory explores the individual's struggle to create meaning in life, confront their freedom and responsibility, and grapple with the inherent uncertainties and challenges of existence. It emphasizes the importance of choice, personal values, and self-awareness in shaping one's identity and purpose. This theory is often associated with philosophers like Jean-Paul Sartre and Martin Heidegger.
