Jerry is the owner of product X and the demand for product X has risen. To meet the high demand, Jerry lowered the price of product X which caused customers to buy more of it. From this scenario, which of the following occurred?

a. Demand elasticity
b. An inelastic
c. A unit elastic
d. An adequate substitute

Question

03-01-2021
Business

Answered

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Jerry is the owner of product X and the demand for product X has risen. To meet the high demand, Jerry lowered the price of product X which caused customers to buy more of it. From this scenario, which of the following occurred?

a. Demand elasticity
b. An inelastic
c. A unit elastic
d. An adequate substitute

Sagot :

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Eooyibo123idn Eooyibo123idn · Answer 1 · 2021-01-03T20:12:08-05:00

Answer:

Explanation:

Demand elasticity is defined as the degree to which quantity of a good changes with changes in price.

The law of demand states that with all things being equal an increase in price of a good results in an decrease in quantity demanded and vice versa.

This means relationship between quantity demanded and price is inverse.

In the given instance Jerry want to increase the demand for product X. To do this he reduces the price of the product.

People tend to buy more at cheaper price and demand drops as price increases (becomes more expensive)

Sagot :

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