Tag: disposable income
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Why Can’t I Raise My Rates? Market Equilibrium
Now that we’ve laid out the individual foundations of supply and demand in the translation market, we can bring these two concepts together to discuss another theoretical construct that helps understand translations rates: market equilibrium. Without delving into mathematical details, the basic idea is that the price on any market is the result of the…
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Why Can’t I Raise My Rates? Variables Affecting Demand
As with supply, at the most rudimentary level, demand for translation services varies with the market price. If translations are relatively inexpensive, demand will tend to grow. If the cost of services goes up, demand will typically fall. This is a simplification, but it provides a starting point for understanding the other side of the…