What effect does the current supply and current demand have

Assignment Help Other Subject

Reference no: EM132251798

Quesiton: 200 WORD MINIMUM

Price elasticity of demand measures consumers' responsiveness to changes in the price of a good. There are a number of variables that affect consumers' decisions, among them the following:

• 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

Please draw on your experiences as a consumer and your Unit 2 readings to address the following 4 topics. Make sure you use economic concepts in your main contribution.

1. Choose a product that you have purchased in the past 1-3 months from a clothing or shoe store.

2. Describe how each of the 4 factors listed above contributed to the elasticity of the good.

3. Is the product considered elastic, inelastic, or unitary elastic?

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

Reference no: EM132251798

Questions Cloud

Define how you are affected by unemployment : In your contribution to this week's Discussion Board, you will discuss how you are affected by unemployment, one of the country's biggest macroeconomic policy.

Determine the correct amount of acid : Suggest a way to determine the correct amount of acid in the food sample. Assume that the indicator works equally well in either direction.

What would your profit be from cirp arbitrage : Based on the information in the above question, if you can borrow 100,000 units in the synthetic forward position at t=0, what would your profit be from CIRP.

Calculate the standard enthalpies of formation : Calculate the standard enthalpies of formation of (a) KClO3(s) with the following information:

What effect does the current supply and current demand have : Price elasticity of demand measures consumers' responsiveness to changes in the price of a good. There are a number of variables that affect consumers' decision

What is the estimated cost function for the data : What is the estimated total cost at an operating level of 3,100 hours? What is the estimated cost function for the above data

Analytical technique for obtaining accurate : Why are back titrations a good analytical technique for obtaining accurate results when analyzing samples that are very slow to react?

What is the volume of the new flask : The pressure is measured to be 99.7 mm Hg and the temperature is raised to 24.5 C in the new flask. What is the volume of the new flask?

Determine the present value of the note : Determine the present value of the note (show calculations) and (2) make the appropriate journal entry for Naaman Company on December 31, 2018

User Account

All Pages