American InterContinental University Price Elasticity of Demand Discussion

Question Description

I’m working on a business discussion question and need an explanation and answer to help me learn.

Price elasticity of demand measures consumers responsiveness to changes in the price of a good. There are a number of variables that affect consumers decisions, among them the following:

The availability of substitutes

The specific nature of the good

The percent of the income spent on the good

The time consumers have to buy the good

Please draw on your experiences as a consumer and your Unit 2 readings to address the following 4 topics. Make sure you use economic concepts in your main contribution.

Choose a product that you have purchased in the past 13 months from a clothing or shoe store.
Describe how each of the 4 factors listed above contributed to the elasticity of the good.
Is the demand for the product considered elastic, inelastic, or unitary elastic?
What effect does the current supply and current demand have on this product?

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