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curtinesezeevdrThis assignment has 4 parts.
Please draw on your experiences as a consumer and your Unit 2 readings to address the following questions and topics:
- Choose a product you have purchased in the past month from a clothing or shoe store.
- Describe how each of the 4 factors contributed to the elasticity of the good.
- Is the product considered elastic, inelastic, or unitary elastic?
- What effect does the current supply and current demand have on this product?
In your discussion, you might consider the following 4 factors that influence the price elasticity of 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
- 7 years ago
- 7
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