10 May DO THE GOODS/SERVICES PRODUCED AT YOUR WORKPLACE ACCOUNT FOR A RELATIVELY SMALL OR A RELATIVELY LARGE PORTION OF MOST CONSUMERS’ INCOMES?
Economics1. What would happen if prices were lowered when demand was inelastic is that this would make the product elastic and the demand would increase for it. A real-world example is that of computer. If it is at $399 but if it becomes higher than $899 people may stop buying it. Furthermore if prices were raised then the demand would become inelastic. For example a person may buy a flat screen television for $800 but if it is at $1 500 people are not going to buy it at that point.How would total revenue be affected?2. Proportion of income is another straightforward determinant of the price elasticity of demand. For example audio CD’s would account for a relatively small proportion of most consumers’ incomes. In contrast so-called “big ticket” items such as automobiles and appliances account for a relatively large portion of most consumers’ incomes. What questions or comments do you have on the determinant of the price elasticity of demand referred to as proportion of income? Do the goods/services produced at your workplace account for a relatively small or a relatively large portion of most consumers’ incomes? How would the proportion of income accounted for by the price of a good/service affect the price elasticity of demand for that good/service.
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