Price Elasticity As A Consumer
UNIT 3 DISCUSSION In your own words, describe your experience with price elasticity as a consumer. A few years ago the gas price was around $4.00 per gallon; I still had to fill up the tank in my car because it was a necessity. I needed the car to commute to work. Now that the gasoline price is $2.32, I still fill up the tank for the same reason, to commute in my car. In my case, gasoline is inelastic good because regardless of the cost I keep buying it. Provide an example of an inelastic good and an elastic one for your household. An inelastic good is cooking oil. When there is a price change in the cooking oil we still purchase the same amount. Also, there is no substitute for cooking oil. An elastic good is cable TV. Since the cost
Est1 Task 5
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Penny Synthesis Essay
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The Monopoly Of Oil In The 1800's
502 Words | 3 PagesThis leads to consumers looking for cheaper substitutes for the product from other companies. Not only that, but with no competition, the value may go down if the prices are too high or too low. The consumer may not have the resources to purchase any other brand of the same product, but is forced to only purchase from the first company it came from. When the prices of oil go sky high, those who live in poverty may have to use every dime, nickle and penny that they have just so they can have the oil they need. It gives those who are struggling more pressure and tribulation.
Carmex Case
539 Words | 3 PagesFor Washburn, what are examples of (a) shifting the demand curve to the right to get a higher price for a guitar line and (b) pricing decisions involving moving along a demand curve? Movement to the right occurs with the signature guitars by establishing an inelastic, price-insensitive demand for the product. Mr. Abel’s analysis of whether he should set the unit price of the new line of guitars at $299, $329, or $349 is an example of moving along the demand curve. These are variable points along the demand curve, not a different
Padd 1 Case Study
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Great Depression Dbq
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Gas Prices Persuasive Speech
613 Words | 3 PagesHave you ever been to the gas station and thought to yourself "why are these gas prices so high"? You may have even thought about cutting back some of your driving. When gas goes up it seems like the whole world may have turned their backs on you. In fact, Americans have an unquenchable thirst for gasoline. You could look at the amount of traffic on roads and highways, and you'll see that if a severe gas shortage were to happen it would cripple the United States into shambles.
How Does Crude Oil Price Affect The Price Of Gas
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What Is An Electric Vehicle Essay
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Piracy Persuasive Speech
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