Illustrate what effect does the current supply

Assignment Help Macroeconomics

Reference no: EM1337285

Four factors that influence the price elasticity of demand

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

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?

What effect does the current supply and current demand have on this product?

Reference no: EM1337285

Questions Cloud

How to modify the product program to use a gui : create the product Program to use a GUI. The GUI should display the information one product at a time, including the item number, the name of the product, the number of units in stock, the price of each unit, and the value of the inventory of that..

Dividend policy and optimal level of debt : Modigliani and Miller have postulated that dividend policy is basically irrelevant in that if a firm is growing-What difference might it make to an investor if the dividend is either in cash or in shares of stock?

Explain purpose and rationale of risk identification process : Explain the purpose and rationale of the risk identification process and discuss the process to review the procurement that should be done during the brainstorming session.

Explain discuss the interaction among the marketing mix : Explain Discuss the interaction among the marketing mix variables and the implications for product, promotion, price, and distribution management

Illustrate what effect does the current supply : Illustrate what effect does the current supply and current demand have on this product. Describe how each of the 4 factors contributed to the elasticity of the good.

Instrumental and moral discipline : What is the difference between moral and instrumental discipline?

Define individual project deliverable length : Juan reached the end of his online course program. His family was so proud of him. Juan's wife wanted to throw a party to celebrate Juan's online graduation together with all of his family, and started planning the special event.

Wyatt oil-calculating earnings per share : Wyatt Oil, an all-equity financed firm, has just reported EPS of $4.00 per share. Despite an economic downturn, Wyatt is confident regarding its current investment opportunities, What is Wyatt's expected EPS in two years?

Assume the government imposed a minimum price : Assume the government imposed a minimum price of $7 in the schedule of exercise 3. What would occur. Illustrate.

User Account

All Pages