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Can you define and calculatethe price elsticity of demand?
Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price.
Define law of demand?
the law of demand state there is a negative or inverse relation ship
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
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
Total expenditures are determined by what?
Dividing the change in demand for the product by its change in price. e=(change in demand)%/(change in price)%
Can you define and calculatethe price elsticity of demand?
Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price.
Define a change?
define chemical change
Define law of demand?
the law of demand state there is a negative or inverse relation ship
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
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
Total expenditures are determined by what?
Dividing the change in demand for the product by its change in price. e=(change in demand)%/(change in price)%
Define construction of demand?
Welp, its simple really, you obviously read the text wrong and it is actually contraction in demand, when the price affects the demand causing a downward movement in the demand curve
Define price expectation elasticity of demand?
Expectation elasticity of demand mean if in future the price will rise then in present the demand of that comm. will fall i.e elasticity will be +ve.. n vice versa..., RELATIONSHIP OF EXPECTION OF PRESE WITH THAT COMMODITY Expectations about future price rise or fall is directly related with present or a recent demand i.e if prise rise in future, the demand will rise 4 that comm. n vise versa....
A shift in the demand curve is called?
A change in quantity demanded
State the factors causing the change in quantity demand?
change in life style also causes change in quantity demand for eg: in 1960's formal wear were in demand but with change in style nowadays denim wear in demand.
Define the term overload?
a greater than normal physical demand on muscles
What are the causes of change in demand?
The causes of change in demand is due to the rise and fall of price.
