EBK MARKETING
9th Edition
ISBN: 9780134292779
Author: Stuart
Publisher: YUZU
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Chapter 10, Problem 3QA
Summary Introduction
To explain: The difference between demand curves of normal product and prestige product along with the meaning of “demand shifts” and their importance for a marketer and the estimation of demand by firms and estimation of elasticity of demand by marketers.
Introduction:
Demand curve is a graphical representation of how quantity demanded changes due to change in prices, other factors being constant.
Elasticity of demand is a measure which measures change in quantity demanded by the consumers due to change in price, other things being constant. One can categorize the demand as “elastic” or “inelastic” based on how much a certain product is responsive to price changes.
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