In regards to alcohol consumption can you please explain price elasticity of demand.© BrainMass Inc. brainmass.com March 4, 2021, 5:58 pm ad1c9bdddf
Price elasticity of demand is the change of demand for a product as price changes. For example, for most items you would expect the demand to go down as prices rise. However, if an item was pretty inelastic regardless of the price, the demand would not change. This is the case with insulin medication, since for diabetics it would not matter the price, ...
The expert examines the price elasticity of demand for alcohol consumption.