Describe how each of the 4 factors contributed to elasticity

Reference no: EM13245577

There are 4 factors that influence the price elasticity of demand:

The availability of substitutes
The specific nature of the good
The part of income spent on the good
The time consumers have to buy the good

discuss the following:

Choose a product you have purchased in the past month from a clothing or shoe store.
Describe how each of the 4 factors contributed to the elasticity of the good.
Is the product considered elastic, inelastic, or unitary elastic?
In a few sentences, what effect does the current supply and current demand have on this product?

Reference no: EM13245577

Questions Cloud

Macroeconomic factors and are they useful for economic : What are macroeconomic factors and are they useful for economic forecasting? What are economic indicators? Are any of them useful for forecasting economic growth?

What is the value of your firms tax shield : Your firm has debt worth $200,000, with a yield of 9%, and equity worth $300,000. It is growing at a 5% rate, and its tax rate is 40%. A similar firm with no debt has a cost of equity of 12%. What is the value of the firm according to MM with corpora..

Is it surprising that the companys revenue increased : Revenue at a major cellular telephone manufacturer was $1.4 billion for the nine months ending March 2, up 97 percent over revenues for the save period last year. Management attributes the increase in revenues to a 137 percent

Find the resistivity of the material in the wire : The potential difference between two points in a wire 10 m apart is 12 V. When the current density is 4*10^7 A/m^2. find the resistivity of the material in the wire

Describe how each of the 4 factors contributed to elasticity : Choose a product you have purchased in the past month from a clothing or shoe store. Describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic

If a small country like israel eliminated all import duties : If a small country like Israel eliminated all import duties and tariffs could Israel's economy prosper even more as Hong Kong has done with few or no trade barriers?

What can you infer about the own price elasticity of demand : For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 2 percent. If, as a result of this price increase, the volume of all cereal sold by Big G dropped by 3 percent,

Explain what pressure must be applied to reduce the volume : A given mass of air occupies 900 ml at one atmosphere (760 mm) of pressure. What pressure must be applied to reduce the volume to 700 ml at constant temperature

What are macroeconomic factors and are they useful for eco : The United States, Brazil,and Argentina are land rich and efficient farming countries. Which countries have large pools of low cost labor? How do countries with no natural resources manage to manufacture and export large quantities of goods?

User Account

All Pages