Is the product considered elastic inelastic

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Reference no: EM1319066

Q. There are 4 factors to 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

Converse the following:

Choose a product you have purchased in the past month from a clothing or shoe store.

Describe Elucidate 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 Illustrate what effect does the present supply also present Demand have on this product?

Reference no: EM1319066

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