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Demand Analysis
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Figure 2
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Elasticity of Demand
Price elasticities are almost always negative; only goods which do not conform to
the law of demand, such as a Veblen good and a Giffen good, have a positive
PED.
In general, the demand for a good is said to be inelastic (or relatively inelastic)
when changes in price have a relatively small effect on the quantity of the good
demanded.
The demand for a good is said to be elastic (or relatively elastic) when changes in
price have a relatively large effect on the quantity of a good demanded.
A number of factors can thus affect the elasticity of demand for a good.
Equation
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Airline Tickets
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Appendix
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Pricing
Key terms
conjoint analysis Conjoint analysis is a statistical technique used in market research to determine how people value different
features that make up an individual product or service.
derived demand when demand for a factor of production or intermediate good occurs as a result of the demand for another
intermediate or final good
equilibrium price The price of a commodity at which the quantity that buyers wish to buy equals the quantity that sellers wish to
sell.
forecast An estimation of a future condition.
Giffen good A good which people consume more of as the price rises; Having a positive price elasticity of demand. As price
rises, more is consumed which increases demand.
Giffen good A good which people consume more of as the price rises; Having a positive price elasticity of demand. As price
rises, more is consumed which increases demand.
inventory The stock of an item on hand at a particular location or business.
perishable That which perishes or is short-lived.
straight rebuy the repurchase of a good with no changes to the details of the order
Veblen good A good for which people's preference for buying them increases as a direct function of their price, as greater price
confers greater status. As the price gets higher, demand rises.
Veblen good A good for which people's preference for buying them increases as a direct function of their price, as greater price
confers greater status. As the price gets higher, demand rises.
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Pricing
Figure 2
Demand Curve
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Connexions. "The price factor." CC BY 3.0 http://cnx.org/content/m23084/latest/ View on Boundless.com
Pricing
Equation
This is the price elasticity of demand equation.
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Wikipedia. "Price elasticity of demand." GNU FDL http://en.wikipedia.org/wiki/Price_elasticity_of_demand View on Boundless.com
Pricing
Airline Tickets
Your ticket may cost more or less than mine due to yield management.
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Flickr. "All sizes | My airline ticket hisses at me | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/bryanalexander/296567921/sizes/m/in/photostream/
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Pricing
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Wikipedia. "Supply and demand." GNU FDL http://en.wikipedia.org/wiki/Supply_and_demand View on Boundless.com
Pricing
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Attribution
Wikipedia. "Demand curve." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Demand_curve
Connexions. "The price factor." CC BY 3.0 http://cnx.org/content/m23084/latest/
Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//marketing/definition/straight-rebuy
Wikipedia. "Derived demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Derived_demand
Wiktionary. "Giffen good." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Giffen+good
Wiktionary. "Veblen good." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Veblen+good
Wikipedia. "Yield management." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Yield_management#Yield_management_system
Canadian Center of Science and Education. "Yield Management in the French hotel business: An assessment of the
importance of the human factor | Selmi | International Business Research." CC BY
http://www.ccsenet.org/journal/index.php/ibr/article/view/9362/7109
Wiktionary. "forecast." CC BY-SA 3.0 http://en.wiktionary.org/wiki/forecast
Wiktionary. "perishable." CC BY-SA 3.0 http://en.wiktionary.org/wiki/perishable
Wiktionary. "inventory." CC BY-SA 3.0 http://en.wiktionary.org/wiki/inventory
Wikibooks. "Microeconomics/Supply and Demand." CC BY-SA 3.0
http://en.wikibooks.org/wiki/Microeconomics/Supply_and_Demand
Wikipedia. "Supply and demand." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Supply_and_demand
Wiktionary. "equilibrium price." CC BY-SA 3.0 http://en.wiktionary.org/wiki/equilibrium+price
Wiktionary. "Giffen good." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Giffen+good
Wiktionary. "Veblen good." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Veblen+good
Wikipedia. "conjoint analysis." CC BY-SA 3.0 http://en.wikipedia.org/wiki/conjoint%20analysis
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Pricing
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