Assignment: Price Inelasticity of Demand
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.
I. 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.
II. 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.
III. 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.
i. Describe in 50 words or less the product, good, or service that you chose.
ii. Why did you choose this product, good, or service?
iii. 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.)
iv. What, if anything, could change and make the product, good, or service price elastic?
Format your assignment according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.