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How would you adjust your behavior in the long term

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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.

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.

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

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