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Which is a determinant of demand?
They are factors affecting demand other than
What is cross price elasticity demand?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
Significance of elasticity of demand?
Elasticity of demand will help managers determine what behaviors affect customer's buying behavior. Price elasticity will tell managers whether they can change the price of products or not.
Outline the Main determinant of demand for consumer goods.?
outline main determinants of demand for consumer goods?
Uses of cross elasticity of demand?
Cross elasticity in economics, also referred to as cross-price elasticity is used to measure the changes of the demand of a certain commodity to the price changes of another good.
What factors can be considered a determinant to consumer demand?
Supply and Price are the determining factors for Demand.
Definitions of income elasticity of demand?
income elasticity can be applied in the intersection of market demand and supply. when there is income inequality people with less income get to buy less goods than they would have wanted this affects the suppliers who will have to reduce their goods to be supplied.
Income elasticity of demand?
The Income Elasticity of Demand is used to measure how an increase or decrease in the income of consumers affects the demand for a particular product. This relationship varies depending on the type of goods.
How is price elasticity of demand measured on a particular point on a negatively sloped demand curve?
point method
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
How is the price elasticity of demand measured and what factors are considered in determining it?
The price elasticity of demand is measured by calculating the percentage change in quantity demanded in response to a percentage change in price. Factors considered in determining price elasticity of demand include the availability of substitutes, necessity of the good, and time period for adjustment.
If the elasticity of demand is equal to one then the demand is?
Unitary elasticity is when the price elasticity of demand is exactly equal to one.
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
In what would you expect determinant of demand for computers to differ from the determinants of the demand for milk?
in what respect would you expect determinant demand for computers to differ from determinants of the demand for milk
Is price elasticity of demand considered elastic or inelastic with food?
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
What are the main determinant of price elasticity of demand in the Caribbean?
The availability of substitutes Habit- Forming Goods 'Luxuries' and 'necessities' The proportion of income which is spent on the commodity The long run and short run.
What are not a determinant of demand?
price of the good
