Reference no: EM132786081
In this module we have discussed the different concepts of elasticity, its utility and measurement, both for supply and demand. You learned the factors that influence elasticity and how to calculate it, as well as the cross elasticity of demand and the income elasticity of demand. It was evaluated how companies with market power impose different prices on the products that their customers consume, based on the various levels of elasticity: elastic, unit and inelastic. In this forum we invite you to reflect on a specific product for which a company follows this strategy successfully.
Remember: The elasticity of a product, whether in the supply or demand sector, is determined by how sensitive the product is to a change in price.
Based on the above, choose a product from the market and answer the following for your participation in the forum, including all the required elements:
1 How, for the selected product, does the company manage to modify prices based on their different levels of elasticity through different moments or time of existence of the product?
2 Make sure to include a description of the product you selected.
3 Defines the concept of "price elasticity" of demand for the product.
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