No Plagarism please, list references if needed
There are 4 factors that influence the price elasticity of demand:
â?¢The availability of substitutes
â?¢The specific nature of the good
â?¢The part of income spent on the good
â?¢The time consumers have to buy the good
â?¢Choose a product you have purchased in the past month from a grocery or home improvement store. (Ceiling Fan-$47.68)
â?¢Describe how each of the 4 factors contributed to the elasticity of the good.
â?¢Is the product considered elastic, inelastic, or unitary elastic?
â?What effect does the current supply and current demand have on this product?© BrainMass Inc. brainmass.com May 20, 2020, 7:43 pm ad1c9bdddf
Consider this response a "rough-cut"....you should rewrite it in your own style so that your prof doesn't doubt that you created the response.....
Choose a product you have purchased in the past month from a grocery or home improvement store. ------(Ceiling Fan-$47.68)
Describe how each of the 4 factors contributed to the elasticity of the good.
1)The availability of substitutes.....there are many styles of "ceiling fans" available, however my budget was to select one for under $50. In this price range, I found this particular fan's color matched the room, it had 5 vs. 4 blades, came with an unlimited product warranty, and was a quick-connect version. Other fans that had similar specifications were priced $89 - $139.
This solution contextualizes factors that influence the price elasticity of demand.