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Define And Explain The Concept

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Issue:

Miscellaneous

 

Written by:

Bernice T

 

Date added:

July 17, 2011

 

Level:

University

 

Grade:

A

 

No of pages / words:

5 / 1294

 

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The closer the goods are, the greater will be the price elasticity of demand of that good. The reason for this being that people will be able to switch to the substitutes when the price of the original good goes up. The greater the number of substitutes and the closer they are, the more people will be able to switch, and so the bigger the substitution effect will be of any price rise...
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The greater the number of substitutes and the closer they are, the more people will be able to switch, and so the bigger the substitution effect will be of any price rise. Another determinant is the proportion of income spent on the good. The higher the proportion of our income that is spent on a good, the more we will forced to cut back consumption in the event of a price rise, so the bigger the income effect and the more elastic the demand will be...
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