Elasticity of Demand Assignment Help Service
While we have discussed the Law of Demand and the determinants of demand, where various parameters define the demand curves. While Law of demands simply explains the relation of price of the commodity and the demand of its quantity, determinants of demand signify the different factors which contribute to the fluctuation in the demand curve. With price elasticity of demand, we move ahead in much greater details and complexity as it relates the responsiveness or sensitivity of the demanded product to the change in its price. Knowing about the current market trends and the income of the people is easy but their sensitivity and responsiveness about the product require an extensive and didactic research. As things get complicated, BookMyEssay and other such websites are here to help you with any Elasticity of Demand assignment help with the highly-qualified microeconomics assignment experts.
What is the Elasticity of Demand?
The elasticity of demand called as PED or ED is the measurement of elasticity and responsiveness of the client over the quantity of a commodity demanded by them. This facilitates accurate change in the price of the commodity and is an essential part to look on for business in the competitive market. It helps in deciding the fate of the products, its market share and help you precisely monitor the change in demand over time and quality. The Price elasticity is also used by the finance minister to determine and predict the incidence of taxes on a few specific goods. We use various research methods like test markets, historical sales data analysis and conjoint analysis for determining price elasticity. It is usually said that products have a negative price elasticity of demand but there are exceptions (Giffen and Veblen goods) which have a positive price elasticity of demand. The assignment providers offer 100 percent accurate analysis and writing for case study on Elasticity of demand, dissertation and Elasticity of demand essay homework help.
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So, we have seen that things get complicated as exceptions to the elasticity of demand are introduced but with a thorough conceptual understanding of our economics assignment expert, you can be sure of an informative and spectacular copy. The demand for the goods with elasticity usually have a proportionate change and have various terminologies included like unit elasticity, in elasticity, and normal elastic. In the ED, there are various sophisticated formulas included which involves complex differentiation and integration. Our experts have spent more than 10 years in this field to understand the various parameters and its effects on the ED. We’re suggested as the best custom writing service provider online. No matter how urgent it is, our writers will provide Elasticity of demand assignment help for you.
Here is a small list of major factors which affect ED.
- Price Level: The elasticity of goods of very high rate or very low rate have inelastic demand. So, they are categorized under inelasticity
- Nature of commodity: this involves two types of goods which are classified as luxurious and necessity. Luxurious good has elastic demand and necessity goods have inelastic demands.
- Availability of substitutes: The commodity which has many substitutes in the market have elastic demands like instead of Coco-Cola, you can avail Pepsi.
- Postponement: The goods which can be procured later like Luxurious goods comes under Elastic Demands Like Cars, Real estate, etc.
- Percentage of expenditure on Total income: If the percentage of expenditure is less than it is said to have inelastic demand whereas if the expenditure is more, it is said to be inelastic.
The above point looks complicated, but, it can be looked in this way. If consumer expenditure increases, there are high chances that he may switch to a completely different commodity resulting in a decrease in demand of that product. So, by all these points, it is evident that if elasticity is more, the responsiveness is more and demand is comparatively less.
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