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What is composite demand?
Composite demand is a demand for a good that has many uses. An example is oil it is demanded as a fuel.
when the supply is less than demanded there is a?
If the supply is less than the demand, there will be a shortage and price increase.
Why Cost-plus pricing is inherently circular?
Cost plus pricing is "circular" for manufacturing firms. They estimate demand to determine fixed manufacturing costs per unit, so that they can mark up cost to obtain a price. However the price affects the quantity demanded, the higher the price the lower the demand. The fewer the units purchased the cost per unit will go up, increased the cost plus price, lowering the demand further.
What is a good that replaces another demanded good?
A good that replaces another demanded good is known as a substitute good. For example, if the price of coffee rises, consumers may switch to tea as a substitute, leading to increased demand for tea. Substitute goods fulfill similar needs or desires, allowing consumers to choose based on price or availability. This relationship can significantly impact market dynamics and pricing strategies.
What is the opposite word for combine?
demand
When the percent change in price is equal to the percent change in quantity demanded then demand is said to be?
When the percentage change in price is equal to the percentage change in quantity demanded then demand is said to be unit elastic. There are 3 kinds of price elasticity of demand.
When the percent change in price is greater than the percent change in quantity demanded demand is said to?
Elastic
What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
The primary difference between a change in demand and a change in the quantity demanded is?
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve
When the price of a product is increased 10 percent the quantity demanded decreases 15 percent. In this range of prices demand for this product is?
In this range of prices, the demand for the product is considered elastic. This is because the percentage change in quantity demanded (15 percent decrease) is greater than the percentage change in price (10 percent increase). An elastic demand indicates that consumers are responsive to price changes, leading to a significant drop in quantity demanded when prices rise.
When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
When the price of a product is increased 10 percent the quantity demanded decreases 15 percent what is the demand for this product?
To determine the demand elasticity of the product, we can calculate the price elasticity of demand using the formula: elasticity = (% change in quantity demanded) / (% change in price). In this case, it would be -15% / 10% = -1.5. This indicates that the demand for the product is elastic, meaning that consumers are relatively sensitive to price changes; a 10% increase in price leads to a 15% decrease in quantity demanded.
How is a change in quantity demanded similar to and different from a change in demand?
A change in quantity demanded is similar to a change in demand in that both involve a shift in the demand curve. However, a change in quantity demanded refers to a movement along the demand curve due to a change in price, while a change in demand refers to a shift of the entire demand curve due to factors other than price, such as income or preferences.
A shift in the demand curve is called?
A change in quantity demanded
How does a change in demand differ from a change in quantity demanded?
A change in demand refers to a shift in the entire demand curve due to factors like income or preferences, while a change in quantity demanded is a movement along the demand curve caused by a change in price.
How does a change in demand differ from a change in quantity demanded in the context of economics?
A change in demand refers to a shift in the entire demand curve, caused by factors like income or preferences. A change in quantity demanded is a movement along the demand curve due to a change in price.
What is the difference between a change in demand and a change in quantity demanded?
A change in demand refers to a shift in the entire demand curve due to factors like income or preferences, while a change in quantity demanded is a movement along the demand curve caused by a change in price.
