ASSIGNMENT ID
1031966
SUBJECT AREA Business
DOCUMENT TYPE Coursework
CREATED ON 6th July 2019
COMPLETED ON 8th July 2019
PRICE
$40
15 OFFERS RECEIVED.
Expert hired: cyruses

MICROECONOMICS Discussion 4

1. Think of three goods for which the demand is inelastic with respect to price. Do these goods ever go on sale? Does understanding the relationship between elasticity and total revenue help you understand why some goods go on sale and others don’t? Share your thoughts. (1/2 page) 2. Reply to two peers below with thoughtful responses: (1/2 page) a. Three goods that have inelastic demand are medicine, electricity and food! The three goods never go on sale due to their companies that supply medicine, electricity & foods, are aware of every individual needing these things for life. People are willing to consume and continue paying for these goods even if the prices change or rise. Mostly medication, there are some genetic and brands but people knowing that the brand medications are more assure than the genetics, they are willing to pay anything to save their own lives. Understanding the relationship between elasticity and total revenue helps me understand clearly why there's many goods that do not go on sale. Suppliers take advantage of this and even higher the price of inelastic goods to higher revenue. b. Inelastic goods are resources that generate a high demand and stay in demand regardless of a price increase. Examples of inelastic resources include gas, tobacco, water, electricity, etc. The prices of inelastic products very rarely/never go on sale. Resources such as electricity and water will never go on sale because it is a necessity that we all demand. An increase in price with these resources will result in a very low quantity of demand loss, but result in a higher revenue for whomever is providing. Elastic resources on the other hand, does not have the same luxury as an inelastic resource. The quantity of demand for elastic products vary depending on the price increasing or decreasing, as to why some products go on sale. When a product has a lower demand and the company wants to increase its revenue, the product may go on sale which causes an increase in demand but a decrease in price thus, selling more quantity of goods. Concluding, understanding the relationship between inelastic goods and revenue does help understand why some goods go on sale.
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06 July 2019
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06 July 2019
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