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Essay / Research Paper Abstract
This 3 page paper looks at the concepts and ideas that may need to be considered when looking at a case study concerning price elasticity. The bibliography cites 2 sources.
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3 pages (~225 words per page)
File: TS14_TEperelasticity.rtf
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impact on the demand, in most cases, with the exceptions of giffen goods, where there is an increase in price there will be a decrease in demand, likewise where there
is decrease in price it is likely that there will be an increase in demand (Nellis and Parker, 2000). The goods will be measures in terms of elasticity, where an
increase in price results in a decrease in demand, but there is still an overall increase in revnue, there is not as proportional decrease in demand, which indicates that the
goods are inelastic, usually a characteristics associated with essential goods, such as utilities. If a good is elastic then an increase in price will decrease demand and also see
a decrease in revnue, which means that a good sees a fall at a rate that is greater than the proportional change in price, a characteristic associated with non essential
goods such as luxuries. However, the concept is far more complex that this, although it is a good starting point. The consideration needs to look at price theory.
There are two main components to the study of price theory; these are demand side economics and supply side economics. The way in which
supply and demand meet can be seen as the determinants of price and the equilibrium that may be reached in any market. Demand theory explains why and how consumers will
spend money, seeking to maximize their utility. On the supply side, we have aspects such as market structure and theories of the way that firm behavior included. The variants of
supply and demand will always be in state of flux, with both the supply of the product varying, and the amount of demand also fluctuating due to other related factors.
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