Products, Services And Prices In The Free Market Economy

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Issue:

Business

 

Written by:

Charlotte S

 

Date added:

October 16, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 904

 

Was viewed:

335 times

 

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Essay content:

For example, a consumer who once purchased a name brand clothing item when earning $40, 000 a year, may need to switch to cheaper brands if they were to have a job paying $30,000 a year. This same consumer may need to forgo purchasing clothing altogether when comparing current income with the cost of essential and non-essential items...
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This same consumer may need to forgo purchasing clothing altogether when comparing current income with the cost of essential and non-essential items. According to Theil and Brooks, (1970-1971), “when income increases more and more, this elasticity takes large and large algebraic values” Retail stores play a vital role in today’s economy...
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