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When a purchase requires a large portion of income demand for the product?
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Which influence on spending deals with the motivation to purchase a product?
the price of the product and the willingness of the consumer to purchase the product impact the demand of the product by the consumer. lower the price, higher will be the demand and higher is the motivation level to buy the good.
How durability and perishable of goods affects its demand?
if a customer requires a product with a short life cycle he/she may demand less of tht product
What determines a demand for a product?
Purchase power,income level,necessarity,willingness
Distinguish between demand estimation and demand forecasting?
Demand estimation's purpose is to determine the approximate level of demand for the product whereas demand forecasting's purpose is to estimate the quantity of product or service that consumers will purchase.
What is a demand for a product?
A demand for a product is when a customer expresses a desire or willingness to purchase a product. It is the amount of a product that customers are willing to buy at a specific price. Generally the demand for a product is determined by the price of the product the customers income the availability of a substitute and the customers preferences. When the price rises demand falls and when the price decreases demand increases.Factors that affect the demand for a product include: Price of the product Customers income Availability of a substitute Customers preferencesIf the price of the product rises then the demand for the product falls and vice versa. This is due to the fact that customers are willing to pay a certain price for a product and when the price increases customers will be less likely to purchase the product.
Which influence on spending deals with the motivation to purchase a product?
the price of the product and the willingness of the consumer to purchase the product impact the demand of the product by the consumer. lower the price, higher will be the demand and higher is the motivation level to buy the good.
How durability and perishable of goods affects its demand?
if a customer requires a product with a short life cycle he/she may demand less of tht product
What determines a demand for a product?
Purchase power,income level,necessarity,willingness
Distinguish between demand estimation and demand forecasting?
Demand estimation's purpose is to determine the approximate level of demand for the product whereas demand forecasting's purpose is to estimate the quantity of product or service that consumers will purchase.
The general willingness of consumers to purchase a product at various prices is .?
Demand is the general willingness of consumers to purchase a product at various prices.
What is a demand for a product?
A demand for a product is when a customer expresses a desire or willingness to purchase a product. It is the amount of a product that customers are willing to buy at a specific price. Generally the demand for a product is determined by the price of the product the customers income the availability of a substitute and the customers preferences. When the price rises demand falls and when the price decreases demand increases.Factors that affect the demand for a product include: Price of the product Customers income Availability of a substitute Customers preferencesIf the price of the product rises then the demand for the product falls and vice versa. This is due to the fact that customers are willing to pay a certain price for a product and when the price increases customers will be less likely to purchase the product.
Why is determining demand elasticity important in economics?
Determining demand elasticity helps managers know how to schedule their goods. When they know their product isn't in demand, they can purchase another product instead.
What economic term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
Consumers who are willing and able to purchase a product of service create an economic situation referred to as what?
demandconsumption
What happens when a company produces a small quantity of a product and a large number of people want to purchase the product?
When a company produces a small quantity of a product and a large number of people want to purchase the product, the demand will cause the price of the product to go up.
When a company produces a large quantity of a product but not many people purchase the product is true?
When a company produces a large quantity of a product but not many people purchase the product the supply is high, demand is low, and the product is priced low.
What economic term means willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the willingness of consumers to purchase a specific amount of a product at different prices.
