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Topic: Describe one purchase you have made using a mobile device
Subject: Business and Management
Paper type: Others
Style: APA
Cost: $5
Language: English (U.S.)

Question

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Recent research confirms that the demand for cigarettes is not only price inelastic, but it also indicates smokers with incomes in the lower half of all incomes respond to a given price increase by reducing their purchases by amounts that are more than four times as large as the purchase reductions made by smokers in the upper half of all incomes. How can the income and substitution effects of a price change help explain this? Review price elasticity of demand and supply. Price elasticity describes the sensitivity between quantity demanded/supplied and price when a change in price occurs. A relatively lower change in quantity versus a change in price means the product is more price inelastic; a higher relative change in quantity versus a price change indicates more price elastic. Review the substitution effect and income effect dynamics. 150 WORDS........ WATCH VIDEO IF NEED BE https://www.youtube.com/watch?v=sriCkNFSGho&feature=youtu.be Purchase Using A Mobile Device Describe one purchase you have made using a mobile device (if you have not made a purchase using a mobile device, ask a teenager!). Explain your experience, was it good, bad or neutral? What would you say to someone that is making their first online purchase on a cell phone? What should they expect? What should they look out for?


Answer

Price elasticity refers to the ratio between the percentage change in the demanded or the supplied quantity and the corresponding percentage change in the item’s price. Price elasticity of supply is realized when the percentage change in the quantity of an item supplied is divided by the percentage change in the price of that particular item (OpenStax). Price elasticity of demand is reached at when the percentage change in the quantity of an item demanded is divided by the percentage change in its price. The higher the ratio the more price elastic an item is. ...
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