20 Apr Businesses create goods or services demanded by consumers. The variability of demand depends on the type of good or service produced. For example, if the goo
Businesses create goods or services demanded by consumers. The variability of demand depends on the type of good or service produced. For example, if the good does not have a lot of substitute products (e.g., necessary prescription drugs), demand will not fluctuate greatly with price changes. On the other hand, if the good has many substitutes available (e.g., fast food), demand will fluctuate with price changes.
This concept is called price elasticity of demand. If a good or service has an elastic demand, demand will vary greatly with price increases. If a good or service has an inelastic demand, demand will not vary greatly with price changes.
Consider a product you are familiar with and the company that produces that product. Think about the market the company operates in (as discussed earlier).
In a PowerPoint presentation that contains 10-12 slides (excluding the title and references and with 200-250 words of speaker notes on each slide), explain the following:
- Introduce the business you have chosen. What market does the company operate in? What products or services does it sell? What category of goods does this product or service fall under (e.g., luxury, normal, inferior, substitute, complementary, and so on)?
- Who are the consumers of the good or service? How is the good or service marketed?
- Discuss elasticity of demand and include a graph to illustrate elasticity of demand.
- Explain the elasticity of demand for your product or service. Is the product demand elastic, or is it inelastic? Include a graph to represent the elasticity of demand for your chosen product or service.
- Discuss the relationship between elasticity of demand and pricing of your chosen product or service. Include a graph. You may use hypothetical numbers to illustrate your conceptual observations and understanding of the concept of elasticity of demand for your chosen product or service.
- How does the elasticity of demand for the good or service change how you market your good or service? For example, if your good has few substitutes or many substitutes, what can be done to increase demand during an economic downturn?
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