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A decrease in demand will have what effect on equilibrium price and quantity?
There will be a decrease in price and quantity.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
An increase in supply will have what effect on equilibrium price and quantity?
Increase in supply in the face of steady demand will result in lower price.
How you can find price elasticity of demand if quantity of demand and price is given?
by the formula : %changge in quantity demanded/% change in price of good
A decrease in demand will have what effect on equilibrium price and quantity?
There will be a decrease in price and quantity.
What effect does change in demand have on price and quantity?
More porn !
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
You want the characteristics of perfect inelastic demand curve?
A verticle demand curve, where a change in price does not effect quantity.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
An increase in supply will have what effect on equilibrium price and quantity?
Increase in supply in the face of steady demand will result in lower price.
How you can find price elasticity of demand if quantity of demand and price is given?
by the formula : %changge in quantity demanded/% change in price of good
If prices rise but income stays the same what is the effect on the quantity demanded?
If the price rises, the quantity demanded declines. .
The law of Demand?
The law of demand states that as price of an object goes up, the quantity goes down. However, as the price falls then quantity rises. IF price falls, demand increases and if price rises, demand decreases.
Each point on the demand curve reflects?
Each point is the price/quantity coordinate in the market in question. As price increases, quantity demanded decreases. The demand curve specifies what that quantity is for any given price. Inversely, you can answer the question "what is the price when demand is x units".
An increase in demand will cause the equilibrium price and quantity to rise?
An increase in demand will cause the equilibrium price to fall and equilibrium quantity to rise.
What is meant by a price inelastic demand?
If the % change in quantity demanded is less than the % change in price it has a minor effect. In this case demand is not very responsive to a change in price. It is called inelastic! Mr Jon Link told me! :)
