How would you adjust your behavior in the long term

Assignment Help HR Management
Reference no: EM13826813

Effects of Price Changes

Price changes can have a significant impact on the overall economy of a nation. A product experiencing price change can lead to an exponential change in the prices of related products. The price of oil provides a good example of this concept. As oil prices increase, the price of gasoline also increases. As almost all products rely on gasoline, either in the production process or in the distribution process, the prices of these products also increase. As prices increase and incomes of consumers remain steady, spending decreases and products or services that have an elastic demand suffer. This assignment looks at some products you may be familiar with and allows you to analyze how price changes impact the overall economy.


Consider the last product or service you purchased for more than $50, excluding gasoline.

If the price of that product or service went up by 10% overnight, how would you adjust your behavior in the short term?

How would you adjust your behavior in the long term?

If you decide not to buy this product again, what will you buy instead?

Analyze who will be more sensitive to price changes in what kind of products.

Verified Expert

The paper will help in analyzing the adjustment made in human behavior for shorter and longer period if there is a sudden increase by 10% of the price of a particular product overnight. To adjust the behavior for the shorter period, I would change it by thinking that “no issue will go for some other products within this range or their price may also increase if not purchased now." There are the different type of customers such as average income customers, high incomes, and low-income customers. It has been evaluated that average and low-income customers are mostly affected the change in the prices of the different products concerned.

Reference no: EM13826813

Describes about the cost of hiring new candidates

The problem related to Management and it is about the high staff turnover in hospitality industry. It also describes about the cost of hiring new candidates, training them t

Analyzing the best-laid incentive plans

Case Study: Analyzing the Best-Laid Incentive Plans. Based on skill and motivation principles discussed in the readings, redesign the incentive program at Rain barrel. How i

How these strengths can transform a person into a leader

Write an essay about your strengths and reflections on your strengths with specific examples. Use literature in describing transformational leadership and compare your stren

Critical review of literature on ethnicity in organizations

This problem relates to HR Management and it's a literature review on ethnicity and race in organizations. The significance of the terms ethnicity and race have been present

Challenges of conducting an orientation meeting

This question related to HR Management and it is about virtual team management. The difficulties in conducting team orientation meeting virtually rather than face-to-face ha

Write review on topic of strategic human resource management

Develop a literature review on the topic of strategic human resource management. The paper requires you to develop a short report of around 3-5 pages on the current thinking

Create a detailed outline of a training program for managers

Create a detailed outline of a training program for managers. The outline should include, at a minimum, interviewing techniques that both help managers identify the best can

Identify potential sources of conflict within the work team

Identify potential sources of conflict within the group or work team. Evaluate the five conflict management styles and explain which style of conflict management is most app



4/12/2018 6:17:09 AM

The expertsmind team does excellent work. The work they have done for me has always been on time. Thank you for your continued commitment in helping me get my work done. Recommend!

Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd