by Dan | Mar 11, 2020 | Economics
Price elasticity of demand measures consumers’ responsiveness to changes in the price of a good. There are a number of variables that affect consumers’ decisions, among them the following: The availability of substitutes The specific nature of the good The part of...
by Dan | Mar 5, 2020 | business
Choose a product that you regularly purchase and decide whether the demand for the product is elastic, inelastic or unit elastic based on your knowledge of price elasticity of demand. Explain the factors that you think cause the good or service to be elastic,...
by Dan | Oct 17, 2019 | Economics
List 5 countries that are poor and five countries that are rich, their respective per capita incomes and explain why they are rich and poor. If you produced bananas and coffee, would you be rich or poor?Use price elasticity of demand to explain pricing of milk,...
