History, 12.11.2019 07:31 lucytackett29

How do you react to a change in the price of an item? how does this illustrate the concept of demand?

Answers: 2

Show answers

Answers

Answer from: kellyzeissss9134

My reaction:

My reaction to a price change of an item would be different when the price increases or the price decreases. It really depends on the scenario and what's happening to the price of the product.

If the price of an item changed by increasing the price, I would probably probably be mad because I wouldn't want to pay more for a product that use to be cheaper when I bought it before.

If the price of an item changed by decreasing the price, I would probably be happy because I am paying less for an item that use to cost more before, meaning that I am saving money because the price of the item is cheaper than before. This is probably a common reaction between many people due to the fact that the product got cheaper.

Definitions:

Demand:

Demand is the quantity of a product. For example, high demand means more quantities of the product, low demand is lower quantities of the product.

Why does this illustrate the concept of demand?

In this scenario, this illustrates the concept of demand because the price change of a product corresponds to the demand of the product.

When the price of a product decreases, that means that the products demand is low, meaning that they don't have to make as much of those products since customers don't really buy it, and they don't need to spend so much money on it, which is why it's getting cheaper. Companies wouldn't increase the price of a product if no one is buying it. Lowering the price for a low demand product will increase it's chance of being bought.

When the price of a product increases, that means that the products demand is high. This means that the company that is selling the product would increase the price since a lot of people are buying it, and increasing the price would get them more money. Even though the price increased, the demand for the product is still high, meaning that people would still buy the product even though the price increased.

It's very important for a company to check the demands of their products, so they know which ones they should make more of and which ones they should slow down on. High demand products = business, which they could rise the price so they could make more money off of people buying the product. Low demand products would lower the price so that people would keep buying the product.

-Julie

Answer from: Quest

where is the diagram

Answer from: Quest

what are two things that greatly the american economy after the war? the huge buildup of u.s. military the beginning of the korean conflict the creation of the gi bill the marshall plan for nations

Other questions on the subject: History

History, 21.06.2019 20:00, lazybridplayer

What word best describes the tone of this excerpt from "the fall of the house of usher" by edgar allan poe? i looked upon the scene before me—upon the mere house, and the simple landscape features of the domain—upon the bleak walls—upon the vacant eye-like windows—upon a few rank sedges—and upon a few white trunks of decayed trees—with an utter depression of soul which i can compare to no earthly sensation more properly than to the after-dream of the reveller upon opium—the bitter lapse into everyday life—the hideous dropping off of the veil. there was an iciness, a sinking, a sickening of the heart—an unredeemed dreariness of thought which no goading of the imagination could torture into aught of the sublime. what was it—i paused to think—what was it that so unnerved me in the contemplation of the house of usher? it was a mystery all insoluble; nor could i grapple with the shadowy fancies that crowded upon me as i pondered. i was forced to fall back upon the unsatisfactory conclusion, that while, beyond doubt, there are combinations of very simple natural objects which have the power of thus affecting us, still the analysis of this power lies among considerations beyond our depth. it was possible, i reflected, that a mere different arrangement of the particulars of the scene, of the details of the picture, would be sufficient to modify, or perhaps to annihilate its capacity for sorrowful impression; and, acting upon this idea, i reined my horse to the precipitous brink of a black and lurid tarn that lay in unruffled lustre by the dwelling, and gazed down—but with a shudder even more thrilling than before—upon the remodelled and inverted images of the gray sedge, and the ghastly tree-stems, and the vacant and eye-like windows. admiration terror hope discovery loss

Answers: 1

continue

History, 21.06.2019 21:10, jerrym163176

Andreus vesalius is known for being the first scientist to provide detailed and accurate information about human anatomy. his knowledge of human anatomy came from dissecting human bodies. which statement best shows why andreus vesalius’s discovery was important during the scientific revolution?

Answers: 2

continue

History, 22.06.2019 00:00, babyleah2826

How do i do this? true or false? : elephants have the same dna as humans and bananas alike.

Answers: 2

continue

History, 22.06.2019 05:00, anzhaiha7

Knights are to chivalry what samurai are to a. bushido c. buddhism b. shinto d. none of these select the best answer from the choices provided a b c d

Answers: 1

continue

You know the right answer?

How do you react to a change in the price of an item? how does this illustrate the concept of deman...