Describe price elasticity, Microeconomics

Assignment Help:

Time is a significant determinant of price elasticity.  If a price changes, it might take consumers a certain amount of time to discover alternative lifestyles or commodities to account for the price change.  For example, if the price of cars enhances, a family that planned to buy a car may wait for their income or wealth to enhances to make buying a new car viable alternative to continuing to drive an older vehicle.  In other words, the longer the time frame for the decision to buy the more price elastic the demand for the commodity.

 


Related Discussions:- Describe price elasticity

Shifting the ppf curve, Shifting the PPF Curve To raise the manufacturi...

Shifting the PPF Curve To raise the manufacturing of one good without reducing the production of the other, the PPF curve should shift outward. The PPF curve shifts outward as

Least square methods, The least square method is based on the assumption th...

The least square method is based on the assumption that the past rate of change of the variable under study will continue in the future. It is a mathematical procedure for fitting

Labour economics, Consider the following flow (in thousands of people) betw...

Consider the following flow (in thousands of people) between the various labour market states in a particular month:

Rent, quasi rent theory

quasi rent theory

#title.micro, what are jobs of the department of justice and the federal tr...

what are jobs of the department of justice and the federal trade commission in business pratices.

Proposal, #quesSuppose that two anti-marijuana proposals are currently bein...

#quesSuppose that two anti-marijuana proposals are currently being debated in Congress. Proposal I will reduce the supply of marijuana and cause its price to rise by 7%. Proposal I

Bls classify people who are not in the labor force, How does the BLS classi...

How does the BLS classify people who are "not in the labor force," and what people are often in this category?  If an individual surveyed (that is, who is age 16 or over and no

Determinants of social demand for education, Determinants of Social Demand ...

Determinants of Social Demand for Education Certain levels of education like the secondary school and graduate level are considered as having productive value and are attribut

Write Your Message!

Captcha
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