I Identify the factors that affect price elasticity of demand and supply. Review Review the determinants...

 

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I Identify the factors that affect price elasticity of demand and supply. Review Review the determinants of price elasticity outlined in section 4.1 on page 123 in your textbook. Ask for clarification on any of the items using the Open Forum discussion topic. Adding Examples 1. Add more products or services to those given in Table 4.2 (p. 125). Fill in the table below: For a poor family For a wealthy family 2 commodities that have 2 commodities that have elastic demands elastic demands 2 commodities that have 2 commodities that have inelastic demands inelastic demands 2. Are there any differences between the two families? Why? 3. What is the elasticity of illegal goods? a. For sin products, like cigarettes? b. Would this be the same for each family type listed in the table above? Share Post your table (copy and paste) and responses to the above questions in the online discussion board under the topic Discussion #3: Elasticity Determinant TABLE 4.2 Examples of Products with Different Elasticities of Demand Commodities That Have Elastic Demands Commodities That Have Inelastic Demands Fresh tomatoes Household electricity Movies Eggs Lamb Car repairs Restaurant meals. Food China and tableware Household appliances Automobiles Tobacco I Identify the factors that affect price elasticity of demand and supply. Review Review the determinants of price elasticity outlined in section 4.1 on page 123 in your textbook. Ask for clarification on any of the items using the Open Forum discussion topic. Adding Examples 1. Add more products or services to those given in Table 4.2 (p. 125). Fill in the table below: For a poor family For a wealthy family 2 commodities that have 2 commodities that have elastic demands elastic demands 2 commodities that have 2 commodities that have inelastic demands inelastic demands 2. Are there any differences between the two families? Why? 3. What is the elasticity of illegal goods? a. For sin products, like cigarettes? b. Would this be the same for each family type listed in the table above? Share Post your table (copy and paste) and responses to the above questions in the online discussion board under the topic Discussion #3: Elasticity Determinant TABLE 4.2 Examples of Products with Different Elasticities of Demand Commodities That Have Elastic Demands Commodities That Have Inelastic Demands Fresh tomatoes Household electricity Movies Eggs Lamb Car repairs Restaurant meals. Food China and tableware Household appliances Automobiles Tobacco

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There are six main factors that affect the price elasticity of demand and supply These factors are N... View the full answer