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Assignment about price inelasticity of demand

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Could you please do a Assignment about Price Inelasticity of Demand

The assignment is as follows:

  1. Select a product, good, or service for which you believe there is, if not perfect, close to perfect price inelasticity of demand. One example to consider of a price inelastic product can be a rare cancer treating medication or a Type 1 Diabetes medication. Regardless of the price charged, consumers who need the product will be inclined to pay whatever price being charged for the product. 
  2. Research the product, good, or service so that you have a general understanding of the market, customers, suppliers, and competition. Consult at least one reliable, credible source and be sure to include a citation so we can see where you got your information.
  3. Discuss the following questions(s) with regard to the product, good, or service. 
  4. Describe in 50 words or less the product, good, or service that you chose.
  5. Why did you choose this product, good, or service?
  6. Why do you believe the demand is inelastic with regard to price? What factors are at work here?
  7. What, if anything, could change and make the product, good, or service price elastic?

Reference no: EM132912557

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