Reference no: EM132303500

One of the main factors in elasticity is the number of substitutes available to a specific product. If there are lots of substitutes available, then when a firm tries to raise it price, consumers feel like they can substitute to the relatively cheaper product. That's where firms might turn to advertising. If a firm can make you believe that their product is so uniquely special that an alternative just isn't possible, then they're able to make their demand more inelastic. 

Find an advertisement for a product (and be sure to include it) that's trying to change it's elasticity.   Recall, it needs to do one of the following:

Try to make consumers believe that substitution isn't really an option

Try to make their product more of a necessity vs a luxury

Try to make time an issue such that you have to buy their product sooner than later.

Then explain how the ad is trying to achieve any of the goals above.  

For example, this ad below hints that a gun is a necessity to protect a family.  Further, it hints that Beretta is superior to other guns because this one has all the features desired, having no close substitutes. It even includes a clock which makes you think that time is an issue.