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Stack #745914

The Demand Determinant of Price

QuestionAnswer
What is demand? Demand is the quantity of a product that will be sold in the market at various prices for a specified period.
What is supply? Supply is the quantity of a product that will be offered to the market by asupplier at various prices for a specific period.
What is Price Equilibrium? Price equilibrium is the price at which demand and supply are equal.
What is Elastic demand? Elastic demand is when consumers buy more or less of a product when the price changes.
What is inelastic demand? Inelastic demand is when an increase or decrease is price will not signigicantly affect demand.
What is Unitary Elastic Elasticity? Unitary Elastic Elasticity is an increase in sales, especially offsets a decrease in price and revenue is unchanged.
Elasticity (E) % change in quality demand of good A/ % change in price of good A
Created by: alexandraridall
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