There are 4 factors that influence the price elasticityof 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 200 WORDS Discussion Board post, discuss thefollowing:
Choose a product you have purchased in the past month from aclothing or shoe store.
Describe how each of the 4 factors contributed to the elasticity ofthe good.
Is the product considered elastic, inelastic, or unitaryelastic?
In a few sentences, what effect does the current supply and currentdemand have on this product?