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If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
If price changes have a little affect on the quantity of a product demanded the product is said to have what?
If price changes have a little effect on the quantity of a product demanded, the product is said to have inelastic demand. This means that consumers continue to purchase relatively the same amount of the product despite fluctuations in price. Common examples include necessities such as medication or basic food items, where demand remains stable regardless of price changes.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
If price changes have a little affect on the quantity of a product demanded the product is said to have what?
If price changes have a little effect on the quantity of a product demanded, the product is said to have inelastic demand. This means that consumers continue to purchase relatively the same amount of the product despite fluctuations in price. Common examples include necessities such as medication or basic food items, where demand remains stable regardless of price changes.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What role does the substitution effect play in demand?
The substitution effect occurs when consumers replace a more expensive good with a less expensive alternative, leading to changes in demand for those goods. When the price of a product rises, consumers may seek substitutes, resulting in a decrease in the quantity demanded for the more expensive item and an increase in demand for the substitute. This effect highlights how price changes can influence consumer behavior and preferences, ultimately shaping market demand. Understanding the substitution effect helps businesses and economists predict how demand shifts in response to price fluctuations.
Which effect does scarcity have on the price of the product if the demand stays the same?
The scarcer the product, the higher the price.
Conclusion of price elasticity of demand?
The conclusion of the price of elasticity of demand is the effect of price change based on the revenue it receives. It is based off the demand of the product and the price of the product.
How elasticity of demand effect managerial decisions?
Elasticity of demand measures how much demand for a product will change if the price of that product is changed. Something highly elastic will be greatly affected by price changes (something like a hotdog for example, if a vendor raises his price then demand will drop because people can go elsewhere-demand is elastic). So management must be aware of how consumers will react to price changes. Normally, lowering the price of a good will bring in more customers if the demand for that good is elastic. If it is inelastic, then a lower price will not increase demand much.
What is indirect demand?
Indirect demand refers to the demand for goods or services that arises from the demand for another good or service. This can occur when one product is necessary for using another product, causing a ripple effect in the demand chain. For example, the demand for automobile tires is indirectly driven by the demand for automobiles.
When the price of a good changes what effect tend to create the law of demand?
the term real income effect applies to it at that point which define's as an individual cannot keep buying the same quantity of a product of its price rises while there income stays the same
What is an increase in demand likely to lead to?
If there is an increase in demand, there will be increase in the price of the product if the supply remains the same. But if the manufacturer or supplier is able to supply increased quantity of product there will be no major effect.
