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- Explain all the reasons why a decrease in a product’s price would lead to an increase in purchases.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
- 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?Evaluate the behavior of consumers in terms of the demand for productsHow does a sudden decrease in consumer confidence due to a significant political event impact the demand for luxury goods in an economy?
- 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.Why might quantity supplied be relatively unresponsive to a price change?What happens in the market for beach towels,now that the season is over? Graph and explain