price elasticity of demand, Business Economics

Assignment Help:

Aska) 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 question #Minimum 100 words accepted#

Related Discussions:- price elasticity of demand

Discuss about regional trade agreements, Question 1: ‘The WTO was set u...

Question 1: ‘The WTO was set up with the intention of regulating international trade between countries'. How successful has the WTO been in attaining its objectives? Questi

nominal rates, If an economy is experiencing reduction, will the nominal i...

If an economy is experiencing reduction, will the nominal interest rate be higher or lower than the real interest rate? What is the equation that relates nominal rates, inflation a

Original to the new equilibrium, ITunes is rapidly dominating the global ma...

ITunes is rapidly dominating the global market for music sale. Assume that the download price for Dance artist Calvin Harris's single "Feel So Close" is $1.19 and the number of d

Type of unemplyment, as a result of 2008 financial crisis, there was loss o...

as a result of 2008 financial crisis, there was loss of construction jobs in us, since home developers stopped building new homes. in your opinion which type of unemplyment is res

Estimate the total opportunity cost, In the absence of taxes, subsidies or ...

In the absence of taxes, subsidies or other distortions, the market demand and supply for bags of cement would be given by Q D = 1500 - 10P and Q S = 140P, respectively, where Q

Starbucks, how does starbucks responsibility to shareholderclash

how does starbucks responsibility to shareholderclash

Price Discrimination, Suppose a monopolist produces at constant marginal co...

Suppose a monopolist produces at constant marginal cost and is able to discriminate between two groups of consumers. The demand in each group is linear. Would the monopolist discri

Are weaknesses of financial markets a problem, Are weaknesses of financial ...

Are weaknesses of financial markets a problem? Problem: a. Potential entrepreneurs require funds to finance new projects. Financial institutions, as like banks, are middle

Finacial Fiasco Book Review, Can anyone type me a paper on the book financi...

Can anyone type me a paper on the book financial fiasco? I will provide with a link to the book.

Equity, The Concept of Equity is explained below: Equity represents tha...

The Concept of Equity is explained below: Equity represents that the principle of taxation which emphasizes fairness or just the sacrifice, which is everyone must pay the tax d

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages