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Who generally bears most of a sales tax when the demand for a good taxed is inelastic?
the consumer
Who generally bears most of a sales tax when the demand of the good taxed is inelastic?
the consumer
How generally bears most of a sales tax when the demand for the good taxed is inelastic?
the consumer
What are the differences between elastic, inelastic, and unit elastic demand, and how do they impact the pricing and sales of a product?
Elastic demand means that a small change in price leads to a large change in quantity demanded. Inelastic demand means that a change in price has little impact on quantity demanded. Unit elastic demand means that the percentage change in price is equal to the percentage change in quantity demanded. For pricing and sales, elastic demand typically leads to lower prices and higher sales volume, as consumers are more sensitive to price changes. Inelastic demand allows for higher prices with less impact on sales volume, as consumers are less sensitive to price changes. Unit elastic demand falls in between, with price changes having a proportional impact on sales volume.
What is target corp Price Elasticity?
Target Corp's price elasticity refers to the sensitivity of consumer demand for its products in response to changes in price. Generally, if the demand for Target's products is elastic, a small price increase could lead to a significant drop in sales, while a price decrease might boost sales significantly. Conversely, if demand is inelastic, changes in price would have a minimal impact on sales volume. Various factors, such as product type, competition, and consumer preferences, influence this elasticity.
Who generally bears most of a sales tax when the demand for a good taxed is inelastic?
the consumer
Who generally bears most of a sales tax when the demand of the good taxed is inelastic?
the consumer
How generally bears most of a sales tax when the demand for the good taxed is inelastic?
the consumer
What is the demand for coffee elastic or inelastic at -2?
Coffee is inelastic, based on the high number of people who enjoy, and believe they can't get along without coffee, it's demand will remain high. Pricing changes won't seriously influence sales.
What are the differences between elastic, inelastic, and unit elastic demand, and how do they impact the pricing and sales of a product?
Elastic demand means that a small change in price leads to a large change in quantity demanded. Inelastic demand means that a change in price has little impact on quantity demanded. Unit elastic demand means that the percentage change in price is equal to the percentage change in quantity demanded. For pricing and sales, elastic demand typically leads to lower prices and higher sales volume, as consumers are more sensitive to price changes. Inelastic demand allows for higher prices with less impact on sales volume, as consumers are less sensitive to price changes. Unit elastic demand falls in between, with price changes having a proportional impact on sales volume.
What is target corp Price Elasticity?
Target Corp's price elasticity refers to the sensitivity of consumer demand for its products in response to changes in price. Generally, if the demand for Target's products is elastic, a small price increase could lead to a significant drop in sales, while a price decrease might boost sales significantly. Conversely, if demand is inelastic, changes in price would have a minimal impact on sales volume. Various factors, such as product type, competition, and consumer preferences, influence this elasticity.
What happens when a firm raises its price in a market in which the price is in the inelastic range of the demand curve?
When a firm raises its price in a market where demand is inelastic, total revenue typically increases. This is because the percentage decrease in quantity demanded is smaller than the percentage increase in price, leading to higher overall sales revenue. Consumers are less sensitive to price changes for inelastic goods, often resulting in sustained or increased sales despite the higher price. Consequently, the firm benefits from increased revenue without significantly reducing the quantity sold.
How inelastic demand has implications for pharmaceutical company price setting and revenue?
Inelastic demand for pharmaceuticals means that consumers are less sensitive to price changes; they will continue to purchase medications even if prices rise. This allows pharmaceutical companies to set higher prices without significantly reducing sales volumes, potentially leading to increased revenue. However, it also raises ethical concerns about access to essential medications and can lead to scrutiny from regulators and the public. Consequently, while inelastic demand enhances profitability, it also necessitates careful consideration of pricing strategies and their broader societal impact.
What is expected demand?
Answer Scarcity causes demand and demand establishes a market, ultimately the sales increase. I think that 'increase of sales' is the expected demand.
Why is it important to supplies of product to have information about the price elasticity of the demand for their product?
Understanding the price elasticity of demand is crucial for suppliers as it helps them predict how changes in price will affect consumer demand for their product. If demand is elastic, a price increase could lead to a significant drop in sales, prompting suppliers to be cautious with pricing strategies. Conversely, if demand is inelastic, suppliers might increase prices to boost revenue without significantly affecting sales volume. This knowledge enables suppliers to make informed decisions about pricing, inventory management, and overall market strategy.
If you were a business owner how would you use price elasticity of demand to determine?
"Price Elasticity of Demand" is a measure of how much the demand for a good or service changes when the price changes. For example, most of us drive our cars to work. We drive our cars to work whether the price of gasoline is $1.50 a gallon or $3.95 a gallon. The demand is "INELASTIC" or not changing, no matter what happens to the price. Some people can cut back our leisure driving, or carpool, or take public transit - but others cannot. Truck drivers can't stop when diesel fuel gets too expensive. Movie ticket prices are inelastic; ticket prices have gone from $3 to $5 to $8 to $10 without affecting ticket sales. Airplane tickets, on the other hand, are fairly elastic; when the price goes up, the demand goes down. Once you figure out what the price elasticity is for your product, you can figure out how to maximize your profits by either raising prices if the price is inelastic, or CUTTING prices to increase sales if the price is very elastic.
Relationship between market demand market potential and sales forecasting?
demand forecasting is crucial for sales forecast
