Explain what happen if a supplier charged more than the market price

Q: how does this impact the demand

A: In economics, the term "demand" refers to a consumer's willingness to pay a specific price for goods…

Q: lists of products and services eith more demand of elasticity

A: A commodity's PED(price elasticity of demand) is a proportion of how delicate the amount demanded of…

Q: Why do business people need to know the importance of price elasticity of demand for the products…

A: (Q)Why do business people need to know the importance of price elasticity of demand for the products…

Q: What do you mean by an inferior goods give some examples?

A: According to the given question A good is basically said to be a inferior in a generally related…

Q: What is subsidy

A: What is the meaning of subsidy.

Q: Income elasticity of demand measures how

A: Income elasticity of demand determines the relationship between the income of consumer and the…

Q: The price of widgets has gone from 2.00 to 5.00 in six months, while the quantity purchased of…

A: Cross price elasticity measures the %change in demand of a good due to unit % change in price of…

Q: what is the cross-price elasticity of demand for substitute goods?

A: Cross price elasticity(XED) measures the effect of change in any good's prices on the demand for the…

Q: What is price legislation?

A: Price Legislation is the controlling of price through government intervention when the set price is…

Q: What is the difference between rationing and economic queuing?

A: Economics refer to the study of allocation of scarce resources in the most optimal way when the…

Q: What are the factors affecting the demand for processed foods?

A: Demand may be defined as the number of customers who are ready, willing, and able to purchase a…

Q: how do you calculate equlibrium price and quantity?

A: Calculation of equilibrium price and quantity.

Q: A producer supplies 400 units of a good at 10 per unit price last elasticity of supply is 2 how many…

A: Price elasticity of supply is the measure of sensitiveness of quantity supplied due to the change in…

Q: Is there something unique or distinctive about the product or service that separates it from…

A: Product differentiation is a marketing strategy that seeks to differentiate the products or services…

Q: Explain how a store can sell more elastic goods

A: Elastic demand is when the change in quantity demand will be greater than the change in price.

Q: cross-price elasticities

A: Elaticity shows much demand of a good changes due to change in the price of a good.

Q: What are 2 products with different price elasticities of demand, and how do you analyze how firms…

A: The elasticity of demand refers to the responsiveness of the quantity demanded with respect to a…

Q: effective demand

A: Demand shows the relationship between the price and quantity demanded of a commodity at a particular…

Q: What happen if Demand of petrol is higher than Supply. Make answer in 1 paragraph

A: Equilibrium refers to a situation of rest where the market forces coincide which each other and…

Q: How does the price elasticity of demand for a product affect the revenue?

A: Price elasticity of demand tells us how changes in the price of a particular product affect quantity…

Q: llustrate a generic demand and supply curve

A: The demand curve refers to the quantity demanded at the given prices at a particular period of time.…

Q: In bazaars around the world, haggling over price is a way of life. Do you think a seller’s…

A: Demand elasticity is a measure of how much a product's demand changes in reaction to changes in…

Q: Explain the relationship betweenprice and quantity sold

A: Market refers to the place where goods are bought & sold. The consumers buy the goods as per…

Q: What does supply and demand determine in the home pricing market

A: Supply and demand are the basic concepts of microeconomics, market conditions depend on supply and…

Q: You are considering subscribing to Hulu. You are willing to pay up to $12 per year for a…

A: The excess of a product's social value above its real price is known as the "consumers' surplus,"…

Q: what does it mean for cross price elasticity of demand when it equals to infinity?

A: Cross price elasticity of demand is the ratio of proportionate change in demand of a good with…

Q: What would be the impact of introducing a minimum allowable price on a highly desirable product?

A: A market is a place where the buyers and sellers interact with each other and the exchange of goods…

Q: The elasticity of supply is a positive value. Why the value is posiuive?

A: # The elasticity of supply is a measure that relates the change in quantity supplied whenever there…

Q: how will government change the supply or demand of computer chips to end the shortage?

A: The government could provide subsidies to computer chip manufacturers, which would increase the…

Q: What is a Price Flooring?

A: Price floors and price ceilings are maximum and minimum that are imposed by the government on the…

Q: what is % change in quantity. The price elasticity of demand is 2. The % change in price is equal to…

A: Given price elasticity of demand = 2 Percentage change in price = 5%

Q: Why do suppliers want to create more inelastic demand relationships in the products that they sell?

A: The markets are the place where the buyers and sellers of goods, services, investments, assets, and…

Q: Who does elasticity matter to the most? The government, the firm/business, or the…

A: The change in behavior of buyers and sellers with changing price is explained by the term…

Q: What are the factors that caused the consumer surplus?

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: Illustration 17. Originally, a product was sold for 10 and the quantity demanded was 1,000 units.…

A: The level with which the quantity demanded of a product changes when the the price of the product…