{"id":75885,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/explain-what-would-happen-to-the-price-and-quantity-of-a-good-or-service-if-demand-increased-and-supply-decreased"},"modified":"2017-08-18T07:10:40","modified_gmt":"2017-08-18T07:10:40","slug":"explain-what-would-happen-to-the-price-and-quantity-of-a-good-or-service-if-demand-increased-and-supply-decreased","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/explain-what-would-happen-to-the-price-and-quantity-of-a-good-or-service-if-demand-increased-and-supply-decreased\/","title":{"rendered":"explain what would happen to the price and quantity of a good or service if demand increased and supply decreased."},"content":{"rendered":"<p><a class=\"explain-happen-price-quantity-good-service-demand-increased-supply-decreased\/\"><\/a> <\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>explain what would happen to the price and quantity of a good or service&nbsp;if demand increased and supply decreased.&nbsp;(You do not need to quantify&nbsp;your&nbsp;response, simply use the terms increase, decrease, or it depends on the magnitude of the changes. Provide a scenario that might bring this about and use supply and demand curves for your explanation.)<\/p>\n<p>&nbsp;<\/p>\n<p>2. Elasticity has little to do with the control an organization might have over pricing its product.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>3. Price is a poor way of rationing important scarce resources. (Focus on both demand and supply)<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>4.&nbsp;Law of Diminishing Marginal Returns<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>5.&nbsp;Your company wants to increase revenue and has asked you to work on a project to determine whether the demand for a product is elastic or inelastic. Search the Internet and identify one product sold by an organization. Identify whether the product is price elastic or inelastic. Recommend a pricing strategy to increase revenue. Justify your strategy and share your thoughts. Consider which factors make it price elastic or inelastic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; explain what would happen to the price and quantity of a good or service&nbsp;if demand increased and supply decreased.&nbsp;(You do not need to quantify&nbsp;your&nbsp;response, simply use the terms increase, decrease, or it depends on the magnitude of the <a href=\"https:\/\/www.benedictsol.com\/blogs\/explain-what-would-happen-to-the-price-and-quantity-of-a-good-or-service-if-demand-increased-and-supply-decreased\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-75885","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/75885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=75885"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/75885\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=75885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=75885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=75885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}