Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Economics


Home >> Microeconomics

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? 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M921307

Have any Question?


Related Questions in Microeconomics

Question select a developed country that has implemented a

Question: Select a developed country that has implemented a tariff and a developing country that manufactures products that are affected by that same tariff. Investigate the impact of the trade barrier on the developing ...

Question consider two identical countries a and b in our

Question: Consider two identical countries, a and b, in our standard OLG model. In each country, the population of every generation is 200 and each young person wants money balances worth 50 goods. Assume that the money ...

Question there is a growing interest in strategies that

Question: There is a growing interest in strategies that separate the financial rights (to dividend income) associated with a share of stock from its voting rights (for the corporation's directors).42 For example, if I b ...

Question in 1980 the inflation rate in the us was 125 at

Question: In 1980, the inflation rate in the US was 12.5%. At that time, the consensus outlook claimed inflation could not decline by more than 1% per year. That turned out to be incorrect, as it fell to 3.8% in 1982 and ...

Question for the scenarios discussed below use supply and

Question: For the scenarios discussed below, use supply and demand curves and a graph to analyze what will happen to both price and quantity in equilibrium given the information available below. Graphs must be half a pag ...

Question 1 what specifically in your organization or former

Question: 1. What specifically in your organization or former organization is different between your traditional U.S. HR strategies and those you may have to create if you decide to go global? How will your organization' ...

Question consider an income tax and a head tax the sizes of

Question: Consider an income tax and a head tax, the sizes of which have been set so that the government collects the same amount of money under each tax. Which tax does the consumer prefer? The response must be typed, s ...

Qestion suppose that the demand for rough laborers is ld

Question: Suppose that the demand for rough laborers is L_D = 100 - 10W, where W = the wage in dollars per hour and L = the number of workers. If immigration increases the number of rough laborers hired from 50 to 60, by ...

Question assume that a series of inflation rates is 1

Question: Assume that a series of inflation rates is 1 percent, 2 percent, and 4 percent, while nominal interest rates in the same three periods are 5 percent, 5 percent, and 6 percent, respectively. a. What are the ex p ...

Question you have been asked to calculate the current

Question: You have been asked to calculate the current balance on a loan that involves 5 equal mortgage payments of $200,000 per year (principal and interest), but the interest rate changed on the loan is variable. in ye ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved