Hey, when choosing the product good or service, can you choose something from todays era. Something that someone will continue to buy no matter what.
- Select a product, good, or service for which you believe there is, if not perfect, close to perfect price inelasticity of demand. Refer back to course materials for clarification of what price inelasticity means.
- Research the product, good, or service so that you have a general understanding of the market, customers, suppliers, and competition. Consult at least one reliable, credible source and be sure to include a citation so we can see where you got your information.
- Discuss the following questions(s) with regard to the product, good, or service. Remember, you are NOT to turn in a numbered list of responses. This is a written paper, so your responses should form a cohesive set of paragraphs, with appropriate transitions, and so on.
- Describe in 50 words or less the product, good, or service that you chose.
- Why did you choose this product, good, or service?
- Why do you believe the demand is inelastic with regard to price? What factors are at work here? (Hint: Think back to the external factors you read about in module 1.)
- What, if anything, could change and make the product, good, or service price elastic?