Answered: Cite instances where determinants of…

Business

Economics

Cite instances where determinants of demand affect consumers behavior. List them down

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section: Chapter Questions

Problem 23AA

See similar textbooks

Related questions

Q: Supply: -35 + 35P Demand: 205 -25P Where P is the price of good = {1,2,3,4,5,6,7,8} a. Plot and…

Q: Suppose cigarettes could be purchased for less in neighboring states because cigarette taxes are…

A: Price elasticity of demand refers to the change in quantity demanded due to a change in price. The…

Q: Two reasons why suppliers tend to supply less at lower prices

A: According to the law of supply there is a direct relationship between prices and quantity supplied…

Q: elasticity important in the analysis of the market?

A: Price has an inverse relationship on quantity demanded.

Q: Analyze the factors that would determine the impact of a price increase on the consumption of…

A: According to law if demand, there is inverse relationship between price and quantity demanded . But…

Q: discuss two cases of price elasticity of demand. use diagrams to motivate your answer.

A: The measure that depicts change in quantity being demanded with respect to changes in level of price…

Q: Provide at least two examples of applications of demand elasticities in real life decisions?

Q: . Use the market demand on #3 and identify the range of price that will give a/an A. elastic demand…

A: Individual demand curve equation Qxd=65,000-11.25Px+15Py-3.75I+7.5A ... (1)

Q: What is likely to cause a high price elasticity of demand for a product? Pick a,b,c, or d a. The…

A: The measure that depicts the change in quantity being demanded with respect to change in price level…

Q: Explain how consumer expectation is a determinant of demand.

A: Demand simply refers to a customer's desire to purchase goods and services without hesitation and…

Q: Which of the following is the likeliest price elasticity of demand for a necessity? Question 11…

A: Price elasticity of demand measures the responsiveness in quantity demanded with respect to the…

Q: Q.1: Factors that determine changes in demand.

A: Although the economics builds a relationship between a product's pricing and how much buyers are…

Q: Which is characteristic of a product with elastic demand? A. The good is regarded by consumers as a…

A: Demand is inelastic for products which have no close substitutes eg tobacco.

Q: The individual demand will If price falls.

A: At the market place, the behaviour of the individual is explained by the consumer demand theory…

Q: draw a general demand curve and label it D. Then shift the curve to the left or the right depending…

A: Let the general demand curve and it is shown in the graph below

Q: Over time, technological advance increases consumers’ incomes and reduces the price of smartphones.…

A: The Price elasticity of demand and income elasticity of demand both affect the demand for the good.…

Q: explain how determinats of demand affect household demand decisions

A: Ans is in step 2

Q: Demand ISelect ] more inelastic the longer the time frame. more elastic Demand is ISelect] the more…

A: Answer: (1). Demand is more elastic the longer the time frame. Explanation: If due to a small change…

Q: Perfectly inelastic demand, like that of medication, means that consumers A. will buy…

A: Elasticity is defined as the responsiveness or sensitiveness on the demand if the factor influencing…

Q: What happens when there are very few substitute goods? (a) Demand would tend to be price inelastic…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: Suppose that you are in charge of pricing at a local sandwich shop. The business needs to increase…

A: The following problem has been answered as follows

Q: Define the term Inelastic Demand?

A: Demand is the number of people that are willing and able to acquire things at different prices over…

Q: . Determinants of the price elasticity of demand Consider some determinants of the price elasticity…

A: Consumers cannot easily switch to a substitute good if the price of the good rises, a good with no…

Q: If demand is inelastic, a change in the price

A: To find : What will be change in price if demand is inelastic

Q: if there is a decrease incomes of consumers,demand for head&shoulder shampoos will increase. True…

A: There are two types of goods in the market: (i) Normal goods: Goods that are positively related to…

Q: The producer's demand for a

A: To find : By which factor does producer demand is governed.

Q: The total amount spent on a service with an inelastic demand will if supply decreases. decrease.…

Q: A study on how the demand for a particular combo meal will change in the next 12 months Descriptive…

A: Research is defined as the production of new knowledge and/or the creative use of existing…

Q: Determinant of demand Demand increases or decreases? Drawing Population increases |(Buyers)…

A: The Law of demand states that there is a negative relationship between the price of a good and its…

Q: What other variables (other than income and prices) do you think could influence the demand for…

A: Demand is influences by various factors which keep on changing according to a person, situation and…

Q: The demand for necessities ___ a. is more elastic than the demand for luxuries. b. is less elastic…

A: The households, individuals, businesses, investors, and other entities in an economy tend to demand…

Q: How do you suppose the demographics of an agingpopulation of “Baby Boomers” in the United States…

A: In economics, demand refers to a customer's desire to purchase goods and services as well as their…

Q: The elasticity of demand is used to determine if a change in price results in a shortage or a…

A: In a market, elasticity of demand is considered as an effective tool for firm because it helps to…

Q: Over time, technological advances increase consumers’ incomes and reduce the price of smartphones.…

A: The price elasticity of demand refers to the degree of responsiveness of consumers to a change in…

Q: Importance of elasticity in decision making for consumers and producers,

A: If the demand for the goods is elastic, consumer will not buy the product at a high price and will…

Question

100%

Cite instances where determinants of demand affect consumers behavior. List them down

Study of individuals, groups, behavior of purchasers, usage of goods and services, and buying behavior. Consumer behavior covers the major part of consumers' psychology, motives, and intentions in purchasing and using or consuming products and services.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Factors affecting change in demand
What types of things might impact price elasticity?
Identify a product or service for which you use on a regular basis. Discuss the product/service in terms of the Law of Demand from your perspective as the customer and consumer of the item. How does price impact your quantity demanded? In other words, what is your change in quantity demanded as a result in an increase or decrease in the product’s price? What are some shift factors of demand (anything other than price) that can adjust your overall demand for the product?
Your Best Brand Bike Shorts - BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $ [a] Show only your answer in the box. Do not include steps in the calculation and do not include the dollar sign.
Your Best Brand Bike Shorts - BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $ [a] Show only your answer in the box. Do not include steps in the box and do not add the dollar sign.
There is a sale going on at XYZShop. As a consumer, can you consider the sale or increase in demand as a cost-effective way to reduce the price?
Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be?
Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, "the taste for bicycling has changed. The price elasticity of demand is much more inelastic. The price elasticity of demand has decreased from -5.76 to -2.70." Before the campaign, your price was $240 per pair of BBB Shorts. What should the new price be? Please enter the new price here: $
If the demand for the product/service you are selling is inelastic, would you increase the price? Why or why not?
The elasticity of demand is used to determine if a change in price results in a shortage or a surplus. find the market equilibrium. determine if consumers will or will not buy a product. measure how responsive consumers are to a change in price. determine in what direction the demand curve shifts if income changes.
Explain how consumer expectation is a determinant of demand.
Find out the factors that affect the demand of this product OLIVE OIL