price elasticity of demand
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There are four factors that influence the price elasticity of demand: availability of substitutes, the specific nature of the good, the part of income spent on the good, and the time you have to buy the good. Pick a good you have purchased in the past week at a grocery or convenience store. Describe how each of the factors contributed to the elasticity of the good. Is the good elastic, inelastic, or unitary elastic?
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There are four factors that influence the price elasticity of demand: availability of substitutes, the specific nature of the good, the part of income spent on the good, and the time you have to buy the good. Pick a good you have purchased in the past week at a grocery or convenience store. Describe how each of the factors contributed to the ...
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