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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Suppose yearly steel sales double to 80 million tons while the price falls $40 per ton, to $180 per ton. Therefore price elasticity of demand for steel is approximately: (w) 3.333. (x) 10.000. (y) 2.500. (z) 6.667. Discover Q & A Leading Solution Library Avail More Than 1445817 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1928558 Asked 3,689 Active Tutors 1445817 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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