Is the product considered elastic inelastic or unitary, Ask an Expert

Economics

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?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9169443

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