Determine factors that influence price elasticity of demand

Reference no: EM1374350

There are four factors that influence the value elasticity of demand:
- The availability of substitutes
- The specific nature of the good
- The part of income spent on the good
- The time consumers have to buy the good

Select a product you have purchased in the past month from a clothing or shoe store.
Explain how each of the 4 factors contributed to the elasticity of the good.
Is the product considered elastic, inelastic, or unitary elastic?
What effect does the current supply and current demand have on this product?

Reference no: EM1374350

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