own price elasticity of demand for a commodity, Business Economics

Assignment Help:
a) 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

(b) The coffee market is subject to volatility caused by weather conditions in key supplying countries such as Brazil. What other factors are likely to influence this market?

Related Discussions:- own price elasticity of demand for a commodity

Is unemployment and underemployment a problem, Is unemployment and underemp...

Is unemployment and underemployment a problem? The cost of unemployment is both: • Economic along with the opportunity cost of lost output raised poverty and inequality

Types of transaction on the capital account, Types of Transaction on the Ca...

Types of Transaction on the Capital Account are stated below: It is useful to recall the basic types of transactions recorded on the capital account: foreign portfolio investme

User affects of involvement and support for is project, Explain the user af...

Explain the user affects of involvement and support for IS project. User involvement and support: The commitment of employers and user management to the project can’t be

Currency speculators harm for less developed countries, How do currency spe...

How do currency speculators harm for Less Developed Countries? Private capital inflows can be short term and speculative. Speculators shift funds in a Less Developed Countries

Define the difference between effort and elapsed time, Define the differenc...

Define the difference between effort and elapsed time. What is the importance of this difference for project planning purposes? Effort is the whole volume of work included in a

Request for information and request for proposal, (a) Give basic criteria ...

(a) Give basic criteria for selecting an outsourcing supplier. (b) What do you understand by Request for Information and Request for Proposal (RFP)? (c) List down question

Export, Procedure for export under deferred paymet

Procedure for export under deferred paymet

Economic theory, How does economic theory contributes to managerial decisio...

How does economic theory contributes to managerial decisions?

Keynesian style stimulus package, Keynesian economics policy could be disti...

Keynesian economics policy could be distinguished from the classical economics as the main through of the classical theory is that supply creates its own demand which is described

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