ECON 312 Week 2 Discussion 2 Price Elasticity of Demand

ECON 312 Week 2 Discussion 2 Price Elasticity of Demand


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Asked by 2 years ago
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ECON 312 Week 2 Discussion 2 Price Elasticity of Demand

ECON312 Principles of Economics- DeVry

Price Elasticity of Demand

Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how would this affect the quantity of the good that you consume? Is the Demand for thisgoodPrice elastic or Price inelastic? Justify your classification by talking about the determinants of elasticity as they apply to this product. Say price is on the rise for this product and you are the manager of a store, would you be thrilled to be selling this product? Under what circumstances would you want to own a...

ECON 312
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ECON 312 Week 2 Discussion 2 Price Elasticity of Demand

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Excerpt from file: ECON312Week2Discussion2PriceElasticityof Demand ECON312PrinciplesofEconomicsDeVry PriceElasticityofDemand Thinkofanothergoodthatyouhavepurchasedrecently(oryoucouldcontinuewiththegoodyou selectedinTDAI).Bespecific(e.g.isitbreakfastcerealingeneralorCheerioscerealspecifically).Ifthe...

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