Demand
What consumers are willing and able to purchase at various prices.
Demand
1. availability
2.Mobility of inputs
3.Storage capacity
4.Time needed to adjust to a price change
What influences supply elasticity?
What is equilibrium price?
Price at which a product will sell at equilibrium.
Amount of a good or service that consumers are willing and able to buy at specific price.
quantity demand
Supply only considers what?
The seller/producer
Disequilibrium is what happens when?
A systems internal stability is lost making an imbalance
A measure of consumers sensitivity to a charge in price.
Demand elasticity
Calcuation for price elastacitiy
% of change in quantity supplied / % change in price
On a graph, equilibrium is found when what?
The demand and supply curves interact
What is demand schedule?
Table that shows the quantity demanded at each price point.