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When the price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal this is known as?
Wiki User
∙ 7y ago
Supply & demand
Wiki User
∙ 8y ago
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The quantity of a product that will be purchased at a given price is the?
quantity demanded
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.
Explain the effects of a rise in the price on market when the price elasticity of demand for product is inelastic?
Revenue of the producer will increase since there will be no change in quantity demanded.
The important of price elasticity of demand in formulation of government policies?
Priceelasticity of demand for a taxed product plays key role in determining the impact of tax increase on government revenue. The more inelastic the demand for the product, the smaller the impact of any given lump-sum tax on the quantity of the product purchased, therefore the greater the government tax-take. (tax-take = tax per unit x quantity purchased)
The quantity of a product that will be produced and sold at a specific price is the?
The quantity supplied is the quantity of a product that is produced and sold at a specific price.
The quantity of a product that will be purchased at a given price is the?
quantity demanded
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.
Who are external customers?
The external customers are the customers who buy the companyâ??s product brands but not affiliated as an employee. One of the examples for external customer is a person who goes to a shop and purchased items.
How do people drop ship items to their customers from ltd commodities?
You need to be upfront and direct with potential customers ahead of time, letting them know about the limited quantity in advance, and that you apologize for the small inconvenience and that hopefully product quantity will be up sooner than later.
Explain the effects of a rise in the price on market when the price elasticity of demand for product is inelastic?
Revenue of the producer will increase since there will be no change in quantity demanded.
What is quality according to a producer's point of view?
Quality from a producer's point of view refers to the degree of excellence or superiority of a product or service in meeting the needs and expectations of customers. It involves ensuring that the product is made to specifications, free of defects, and consistent in performance. Quality is vital for building trust with customers, maintaining reputation, and achieving long-term success in the market.
What are the effects that price ceiling can have on a product?
a price ceiling results in a shortage because quantity demanded exceeds quantity supplied. it can increase consumer surplus but producer surplus decreases by more causing a deadweight loss in the market.
Why you have selected washing detergent as your product?
because detergent powder is less expensive, cheap .. less bulky and frequently purchased by the customers
The important of price elasticity of demand in formulation of government policies?
Priceelasticity of demand for a taxed product plays key role in determining the impact of tax increase on government revenue. The more inelastic the demand for the product, the smaller the impact of any given lump-sum tax on the quantity of the product purchased, therefore the greater the government tax-take. (tax-take = tax per unit x quantity purchased)
The quantity of a product that will be produced and sold at a specific price is the?
The quantity supplied is the quantity of a product that is produced and sold at a specific price.
Is ice cream from a producer or consumer?
Ice cream is from a producer... the producer always is the one that produces the product... the consumer is the one that buys the product...
Percent yield is the quantity of product actually produced compared with what quantity?
The theoretical amount of product produced.
