Question. The price elasticity of demand shows the impact of price change on the product quantity demanded by the consumers. It is also product specific. In other words, the prices of some products are relatively inelastic to demand while those of others could be quite elastic to demand.
Identify a product and explain the potential price elasticity of demand for this product. Justify your position with adequate details based on the research and analysis.
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Requirement: minimum 1-page double space, APA format, Cite at least 2-3 credible sources.
Links to price elasticity of demand
Required Reading & Sources to be used
Thomas, C.R., and Maurice, S.C., Managerial Economics, McGraw Hill (2008) Power Point Presentation available at: http://highered.mheducation.com/sites/0073402818/student_view0/chapter6/powerpoint_presentation.html
DeSpentDatMoney2. (2012, April 21). Price Elasticity of Demand [Video file]. Retrieved from https://www.youtube.com/watch?v=VhKI8cOaYLI
QuickMBA presentation available at http://www.quickmba.com/econ/micro/elas/ped.shtml
NetMBA presentation available at http://www.netmba.com/econ/micro/demand/elasticity/pric