0
What else can I help you with?
Total expenditures are determined by what?
Dividing the change in demand for the product by its change in price. e=(change in demand)%/(change in price)%
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
What is price sensitive product?
A product that when it's price is changed results in a bigger change in demand
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 can one determine the elasticity of a product or service?
One can determine the elasticity of a product or service by analyzing how changes in price affect the quantity demanded. If a small change in price leads to a large change in quantity demanded, the product or service is considered elastic. If the change in price has little effect on quantity demanded, the product or service is considered inelastic.
Total expenditures are determined by what?
Dividing the change in demand for the product by its change in price. e=(change in demand)%/(change in price)%
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
What is price sensitive product?
A product that when it's price is changed results in a bigger change in demand
Change in market price?
Changes in the market price is determined by demand of a product. If consumers demand the product, then the price will increase.
What is product sensitivity?
A product that when it's price is changed results in a bigger change in demand
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 can one determine the elasticity of a product or service?
One can determine the elasticity of a product or service by analyzing how changes in price affect the quantity demanded. If a small change in price leads to a large change in quantity demanded, the product or service is considered elastic. If the change in price has little effect on quantity demanded, the product or service is considered inelastic.
What is called when each change in price causes a relatively larger change in quantity demand?
Elastic
What are the reasons for the change from logwood to mohogany?
price, demand for the product and the climate
How does advertising of a product increase it's price in the market?
Advertising increases awareness, which in turn increases demand, which then makes the product more desirable/harder to get, which then increases the amount that the provider can charge for the product, thus increasing the price that they ask for it. The cost of advertising must be added to the price of the product. The larger, more expensive the advertising campaign, the more cost must be added to the price of the product.
What is the inelastic equation used to calculate the change in price when the demand for a product remains constant regardless of price fluctuations?
The inelastic equation used to calculate the change in price when demand remains constant is: Price Elasticity of Demand (PED) ( Change in Quantity Demanded) / ( Change in Price).
What is the difference between elasticity and inelasticity of demand?
Inelasticity is a good that you will buy nomatter the price change. Elasticity is when the price of a product increases demand for the product will decrease.
