3. Population increase (more people = more demand)4. Substitute item's price is higher (competitor's price is higher, yours will have more demand because lower price)5. Complementary item price is cheap (you'll be more likely to buy complementary item bc it is cheaper and you will buy ...
perfectly elastic total revenue the total amount of money a firm receives by selling goods or services TR = P x Q Average Revenue the price unit that seller receives for its product AR = TR/Q Marginal Revenue the change in total revenue which results from selling one more unit of output ...
Demand not very sensitive to a change in price Elastic demand Demand is very sensitive to a change in price Supply The amount of goods available Law of Supply The higher the price, the more that is produced Supply curve A graph that shows supply based on price ...
buy less as the price increases and buy more as the price decreases. Demand is the willingness and ___ to buy goods and services. ability When plotting a demand curve, one needs to use a demand ___ in order to determine the various quantities demanded and different prices. schedule The...