Project #81830 - 250 words Discussion and two 75 words reply

(250 words)

Look around your house and find a product that has the characteristics of a price elastic (or price inelastic) product.  Identify whether the product is price elastic or price inelastic.  Support your assertion that the commodity is price (in)elastic based on evidence that you research and provide.  What are the reasons the commodity is price (in)elastic? Again, please support  your assertion.

two 75 words respond( do you agree what he/she said? why)

1.

A product in my house that is very well needed is tap water. It's used for making food, for washing, for taking showers, for my baby's formula, etc. Many use tap water and its a big necessity. If the water company would increase the cost of the water bill, people would still buy tap water because it is very well needed. The water price would have to be really high in order for people to stop buying it. That is the reason why tap water is regulated. Making tap water a characteristic  of price inelastic. If the product's price would change it would not have a big change in demand.

2.

I believe electricity is a very important in my house just like in any other house. Electricity is used everywhere around my house for T.V, AC, light, cooking, ect. Its really important now in days especially in our generation because everyone is in their computer, their phone, and on T.V. People now in days believe that their phone is there most price possesion and if it ever runs out of battery they will turn miserable. Electricity would have to be really expensive for people to stop using it which I most people would just use less to save money. Electricity is a characteristic of privce inelastic because the price can go up but people will still want it.

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Due By (Pacific Time) 09/13/2015 05:00 pm
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