price elasticity of demand, Business Economics

Aska) Explain why each of the following factors may influence the own price elasticity of demand for a commodity.

(i) Consumer preferences, that is, whether consumers regard the commodity as a ‘luxury'''' or a ‘necessity''''.
(ii) The narrowness of definition of the commodity.
(iii) The length of the period under consideration
(iv) The availability of substitutes for the commodity question #Minimum 100 words accepted#

Related Discussions:- price elasticity of demand

What are the limits of development theories, What are the limits of develop...

What are the limits of development theories? Theories are generalisations: • When LDCs share similarities, each country is unique economic, cultural, social and historical

Essay, 1500 word essay

1500 word essay

Theories of maslow and hertzberg to categorize project team, How can Maslow...

How can Maslow and Hertzberg’s Herzberg theories of inspiration assist you to categorize your project team and the way work is assigned? We must suppose that working in an IS p

What is dual economy and development in an economy, What is dual economy an...

What is dual economy and development in an economy? Development in an economy: Differentiated or uneven development arises while the benefits of growth are not shared ev

Introduction to business economic, Ask question different between Mar...

Ask question different between Marginalism & incrementalism #Minimum 100 words accepted#

Examine the costs and benefits - shared service model, Explain why Cae...

Explain why Caerphilly are considering this model of service provision Examine the costs and benefits of joining the shared service model. Your answer should cons

Exception to law of demand, case study on diamond price and petrol price fo...

case study on diamond price and petrol price for exxception to the law of demand

Elasticity of telecomunicatio, Is telecommunication is elastic or inelastic...

Is telecommunication is elastic or inelastic ???

Circular flow, the central problem facing a group of survivors on a ship

the central problem facing a group of survivors on a ship

Define methods utilized to exercise quality control, Define three methods t...

Define three methods than could be utilized to exercise quality control and describe the advantages and disadvantages of all. Methods comprise: • Self-checking: Rapid, ch

Write Your Message!

Name

Email id

Message

Verfication Code

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!

Submit Assignment

User Account

All Pages