There are 4 factors that influence the price elasticity of demand:
The availability of substitutes
The specific nature of the good
The part of income spent on the good
The time consumers have to buy the good
In a 2â€“4 paragraph Discussion Board post, discuss the following:
Choose a product you have purchased in the past month from a clothing or shoe store.
Describe how each of the 4 factors contributed to the elasticity of the good.
Is the product considered elastic, inelastic, or unitary elastic?
In a few sentences, what effect does the current supply and current demand have on this product?
Comment on another studentâ€s posting.
1-2 page Word document
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following:
Compute the price elasticity of demand for paint and show your calculations.
Decide whether the demand for paint is elastic, unitary elastic, or inelastic.
Explain your reasoning and interpret your results.
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