There are 4 factors that influence the price elasticity of demand:
The availability of substitutes
The specific nature of the good
The part of income spent on the good
The time consumers have to buy the good
discuss the following:
Choose a product you have purchased in the past month from a clothing or shoe store.
Describe how each of the 4 factors contributed to the elasticity of the good.
Is the product considered elastic, inelastic, or unitary elastic?
In a few sentences, what effect does the current supply and current demand have on this product?