There are four factors which affect the price elasticity of demand:
a) The availability of substitutes.
b) The specific nature of the good.
c) The part of income spent on the good.
d) The time consumers have to buy the good.
In a 2 to 4 paragraph, describe the given:
Select a product you have purchased in the past month from a clothing or shoe store. describe how each of the four factors contributed to the elasticity of the good. Is the product considered elastic, inelastic or unitary elastic. In a few sentences, what effect does the present supply and present demand have on this product?