User Account

All Pages

How would you adjust your behavior in the long term

Assignment Help Other Subject
Reference no: EM131500080

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.

Tasks:

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.

Reference no: EM131500080

Questions Cloud

Explain the role that stratification has played in your life : Explain the role that stratification has played in your life.Examine how different your life would be if you lived in a caste-system instead of a class-system.
Firm recent earnings per share and dividend per share : Suppose that a firm’s recent earnings per share and dividend per share are $3.25 and $2.80, respectively.
What should be the ratio of the cable tax to satellite tax : According to estimates by Goolsbee and Perrin [2004], the elasticity of demand for basic cable service is -0.51, and the elasticity of demand for direct.
Arithmetic average return on each stock over this period : What was the arithmetic average return on each stock over this period?
How would you adjust your behavior in the long 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?
What is the geometric return : What is the geometric return for Cherry Jalopies, Inc.?
Develop an awareness presentation to outline storage plan : The CIO feels the risk is too high and wants you to develop an Awareness presentation and Information Guide handout to outline the Pros and Cons of this storage
Discuss the efficiency equity and of the luxury car tax : In 2002, the US federal government levied a tax of 3 percent on that part of a car's price exceeding $40,000.
How you view your strengths and weaknesses : Explain how you view your strengths and weaknesses, along with a development plan to address both.

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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