Price Elasticity of a Refrigerator Free Essay, Term Paper and Book Report
Price Elasticity of a Refrigerator
The price elasticity of demand, a measure of the responsiveness of quantity demanded to a price change, may cause a change in price to have a small or large impact on quantity demanded. Inelastic goods such as gasoline are still purchased in approximately the same quantity even when prices rise. Elastic goods such as restaurant meals, movie tickets, and luxury items usually follow the law of demand and will see a drop in quantity demanded when prices rise. If a good has a large number of substitutes, the more elastic it is. The fewer the substitutes, the greater the inelasticity. If the good is highly desired with few substitutes it may be more inelastic. If the good represents a small proportion of a person's budget, price changes do not greatly affect the amount purchased. There are several factors that affect the price elasticity of a good. These include the following: availability of substitutes, the degree of necessity, and the time period involved.
To examine a home appliance necessity and apply it to the law of demand and itÂ’s......
Word Count: 2124
Page Count: 8.4 (250 words a page / double spaced)
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