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Explain all the reasons why a decrease in a product’s price would lead to an increase in purchases.
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- Explain all the reasons why a decrease in the price of a product would lead to an increase in purchases of the product. Relationship between changes in price and corresponding changes in quantity that consumers will demand isExplain all the reasons why decrease in the products price will lead to an increase in purchases
- What events might prompt consumers to demand fewer goods at current prices?demand is more than just the desire to buy something. What else does it require?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?
- Identify two causes, apart from an increase in income, of an increase in demand for a product.Explain how consumer expectation is a determinant of demand.What is one consumer food or service for which in the last 10 to 15 years consumers preference has actually increased, and still, the price has decreased. Based on all the supply and demand determinants, what is a possible reason that could cause the decrease in the price of the suggested good.
- How does a sudden decrease in consumer confidence due to a significant political event impact the demand for luxury goods in an economy?A loss of purchasing power due to a price increase and a decrease in the amount of one good purchased due to a decrease in price of another good to show two different effects. What are they?Is the change in revenue related to an increase in units sold, an increase in prices, or somecombination?