Micro Economics

Risk Management Techniques
October 30, 2020
Develop a WBS (work breakdown structure)
October 30, 2020

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?

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