January 2005
Intermediate to advanced
232 pages
5h 35m
English
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Price–volume relationship
When a price rises, fewer people are able or willing to buy and the remaining buyers may decrease their purchasing quantity or frequency. Higher tax on cigarettes raises prices to discourage smoking. When prices fall more buyers enter the market and purchase occasions rise. As the price of DVD players has fallen, more and more households have bought them.
Economists call this relationship the price elasticity of demand:
This measures the percentage change in a product’s unit sales as a result of a change in price. The demand elasticity, E is normally a negative number because positive price changes (or increases) usually ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.