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When a demand schedule is drawn as a graph?
When a demand schedule is drawn as a graph, it typically forms a downward-sloping curve known as the demand curve. This curve illustrates the inverse relationship between price and quantity demanded; as the price decreases, the quantity demanded generally increases, and vice versa. Each point on the curve represents a specific price-quantity combination from the demand schedule. The graph visually conveys how consumer demand changes in response to price fluctuations.
When the percent change in price is greater than the percent change in quantity demanded demand is said to?
Elastic
How the foreign exchange rate is calculated?
the foreign exchange rate is determined by the supply and demand of the market. If the demand of a certain currency pair is greater than the supply the price will rise and vice versa.
How much was a dozen roses in 1990?
In 1990, the price of a dozen roses typically ranged from about $15 to $30, depending on the type of roses and the location of purchase. This price could vary significantly based on factors such as demand, seasonality, and the florist's pricing. Overall, roses were generally more affordable in that era compared to today's prices, influenced by inflation and changes in supply chains.
Promotion to higher grade will normally demand greater responsibilitties and higher performancein what way do you think you are equipped to shoulder the greater responsibilities and higher performance?
If this is from a form for some job application, then this is something that YOU must reply, based on YOUR OWN personal situation, capabilities, etc.
What effect does the seasonality have on a hotel?
There is a higher demand for rooms during season. This is when the rates go up.
Highlight the problems of seasonality and what can be done to overcome these problems?
Seasonality can lead to fluctuating customer demand, inconsistent revenue, and workforce management challenges. To overcome these problems, businesses can diversify their product offerings to attract customers year-round, implement marketing campaigns during off-peak seasons, offer promotions or discounts to drive sales during slow periods, and cross-train staff to address staffing issues during busy seasons. Additionally, implementing flexible scheduling or hiring temporary staff can help manage fluctuations in demand more effectively.
What is abnormal demand?
Abnormal demand curve is a curve which slopes downwards from left to right indicating that price and quantity demanded has an inverse relationship and as price falls quantity demanded increase and as price increases quantity demanded decrease, this brings about a shift along the same demand curve
If the elasticity is greater than 1 is demand elastic or inelastic If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
If the elasticity is greater than 1, demand is considered elastic, meaning that consumers are highly responsive to price changes. Conversely, if the elasticity equals 0, demand is perfectly inelastic, indicating that quantity demanded does not change regardless of price fluctuations. In this case, consumers will purchase the same amount no matter the price.
What happens when demand is greater than demand?
When demand is greater than supply a supply shortage or scarcity arises and prices increase.
What factors contribute to the fluctuations in the high demand low supply graph?
Fluctuations in the high demand low supply graph are influenced by factors such as changes in consumer preferences, shifts in production costs, disruptions in supply chains, government regulations, and external events like natural disasters or economic crises. These factors can cause the supply and demand balance to shift, leading to fluctuations in the graph.
What are the chief variables in demand forecasting?
The chief variables in demand forecasting include historical sales data, market trends, consumer preferences, economic conditions, seasonality, and competitive factors. These variables help businesses predict future demand for their products or services accurately.
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.
What is demand elascity?
Demand elasticity measures how the quantity demanded of a good or service responds to changes in price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. If the elasticity is greater than one, demand is considered elastic, meaning consumers are sensitive to price changes. If it is less than one, demand is inelastic, indicating that consumers are less responsive to price fluctuations.
What type of buffers work best when managing fluctuations in demand for a product or service?
Supply chain buffers, such as inventory buffers and capacity buffers, work best when managing fluctuations in demand for a product or service. These buffers help to absorb variability and ensure that the supply chain can meet changing demand levels efficiently.
What happens to prices when demand is greater than suply?
They rise. Supply & demand.
What happens when supply is greater than demand?
The price declines until demand increases.
