Learning Goal: I’m working on a economics question and need an explanation and answer to help me learn.
Evaluate price elasticity of demand for a product you are familiar with.
Initial Response: Choose a product which you are familiar with. Using the internet for research (please cite your source), what is the price elasticity of demand for this product or group of products? What does that mean with respect to a 10% increase in the price of this good? What happens to quantity demanded?
Which of the 4 determinants of price elasticity of demand do you believe drives this outcome about the good’s price elasticity? If there is more than one determining factor, please explain your reasoning. [for many goods, all of the 4 determinants come into play – I just want you to choose the one or two that you believe are most relevant).
Note: You will not see other students’ responses until you post your own.
Contribution to Discussion: Reply to a student posting by answering this question (you must choose a post with no replies): do you think the product would ever go on sale? Why or why not?
|Use of Terms and Ideas Learned
|Contribution to Discussion (Reply to classmate)
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