discuss factors which affect demand explain concept price Explain the concept of elasticity of demand one of the factors that affect the ped is the substitutes and discuss why it may be important for a firm to have knowledge of price elasticity of demand: the concept of ped generally help firms decide whether to raise or drop.
{"Image DocumentName": "1.1 Supply, Demand, and Equilibrium", "Image ImageDescription": "Demand Quiz. Demand \u2013 Quick Quiz. Answer the following question about demand based on what you have learned so far in this unit. Over the last week the price of petrol has decreased significantly. Using two demand graphs, show what happens to the demand for petrol and the demand for public transportation. Illustrate and explain the impact of cheap petrol on demand for automobiles. Identify and briefly explain three factors that will affect the demand for coffee. How do the following concepts help explain the law of demand. Income effect. Substitution effect.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}