Determinants of demand affect the price
For a particular product how do the determinants of demand affect the price?
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As demand for a goods increases the price also increases accordingly. So any determinant of demand which has positive or negative effect on demand will have the same effect on the price.
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For water the price elasticity of demand is: (w) low since the price is high. (x) high since the price is high. (y) high since there are few substitutes for water. (z) low since this has few substitutes and a low price. Discover Q & A Leading Solution Library Avail More Than 1411902 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1945017 Asked 3,689 Active Tutors 1411902 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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