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How can population changes affect demand for certain goods?
immediate demand for a good will go up if it's price is expected to rise. this is how population changes affect demand for certain goods.
How do complements affect demand?
Because of complimentary goods demand increase.
How does change in fashion affect the demand?
For certain products such as textile products, changes in fashion can bring about large and frequent changes in the demand. Example: when T- shirts are in fashion, the demand for T- shirt will increase. Mostly the demand will be high for those goods which are highly in fashion at that time period.
If the value of the cross price elasticity of demand between two goods is approximately zero they are considered?
unrelated
How does consumer income affect the demand for normal goods?
A good that decreases in demand when consumer income rises; having a negative Income increases will thus affect the consumption of these goods.
How can population changes affect demand for certain goods?
immediate demand for a good will go up if it's price is expected to rise. this is how population changes affect demand for certain goods.
How do complements affect demand?
Because of complimentary goods demand increase.
What are unrelated goods?
The vast majority of goods are not related to one another and are called independent goods. Examples are butter and golf balls, potatoes and automobiles, and bananna and wristwatches. A change in the price of one has little or no effect on the demand for the other.
How does change in fashion affect the demand?
For certain products such as textile products, changes in fashion can bring about large and frequent changes in the demand. Example: when T- shirts are in fashion, the demand for T- shirt will increase. Mostly the demand will be high for those goods which are highly in fashion at that time period.
If the value of the cross price elasticity of demand between two goods is approximately zero they are considered?
unrelated
How does consumer income affect the demand for normal goods?
A good that decreases in demand when consumer income rises; having a negative Income increases will thus affect the consumption of these goods.
How does consumer expectation affect demand for certain goods?
Expectations of future events affect the current demand for a good or service.
How do changes in income affect the demand for a good?
Increases in income allow for more disposable income which increases spending and the demand for goods. Decreases in income conversely decreases disposable income which decreases spending.
What effects supply and demand?
Fluctuations in the price of goods. The affect of demand on price is directly proportional and supply's affect on price is indirectly proportional.
How does consumer income affect the demand for normal and inferior goods?
A consumers income can affect their demand for most goods, for normal goods if the consumers income increases then there is a demand for more normal good, but a fall in income would cause a shift to the left for the demand curve, this shift is called a decrease in command. For inferior goods, an increase in income causes demand for these goods to fall, inferior goods are goods that you would buy in smaller quantities, or not at all, if your income were to rise and you could afford something better.
To describe explain and predict changes in the price and quantity of goods sold?
Laws of Supply and Demand explain and predict changes in the price and quantity of goods sold.
Price elasticity of demand for luxury goods will be?
elastic becoz wen price of the commodity changes , it affects the demand for the commodity .. Demand for a product is sensitive to price changes .. With icrease in price , the demand decreases nd with decrease in price , demand increases ..
