How income and substitution effects, and elasticity effects

Reference no: EM13950528

1. What are the major factors that determine demand of a particular product or service and how do they affect demand?

2. How do income and substitution effects, and elasticity effects, apply to these two examples:

SUVs - https://www.bloomberg.com/news/videos/b/bcf4644e-c6c4-48b1-bdb9-1dec2e5c6a6b
Netflix - https://blogs.hbr.org/cs/2013/01/is_latent_demand_netflixs_secr.html

Reference no: EM13950528

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