Discussion: How Do You Respond to Price Changes?

Price elasticity of demand refers to how responsive people will be to the quantity of products and services that they demand as the price changes. It asks the question: To what extent do price changes affect people’s consumption patterns? Everyone’s responses will vary based on several factors, including the price of a product, an individual’s income, the percentage of income spent on a product, how critical an individual perceives the product or service to be, and more. For example, how many consumers would continue to include the same amount of soft drinks on their grocery list if the prices doubled within the year? Do you think many people would drink less due to how much the costs increased, or would that not be enough of a change to affect consumers’ buying behaviors? What if the prices increased tenfold over the next 3 months? It would be difficult to imagine that people would continue to buy soft drinks by the case. Perhaps, they may choose to get one can at a time and save it for a special occasion instead.

In this Discussion, you will examine your purchases of a product or service and consider the extent to which price changes have a minor or significant effect on the quantity you purchase.

Don't use plagiarized sources. Get Your Custom Essay on
Discussion: How Do You Respond to Price Changes?
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay

To prepare for this Discussion:

Review this week’s Learning Resources.
Reflect on your past purchases and select one where the product or service experienced a change in price, either up or down. You could choose, for example, gasoline, takeout food, smartphones, clothing, movies, or another product or service. How did you respond to the price change? What factors influenced your decision? Was the price change only for the brand of the product you purchased or for all brands of the product? Were you able to find alternatives or close substitutes? Did your decision affect the purchases of other products and services?

Post a 75- to 150-word (1- to 2-paragraph) explanation of the factors that influence your decision about how much of your selected product or service to purchase. In your explanation, address the following:

What might happen if the price of that product or service fell or rose?
Identify complements to and substitutes for the product or service you identified. How do these other products or services influence your purchasing decisions?
To support your response, be sure to reference at least one properly cited scholarly source.

The Homework Market
Order NOW For A 10% Discount!
Pages (550 words)
Approximate price: -

Why Choose Us

Top quality papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional academic writers

We have hired a team of professional writers experienced in academic and business writing. Most of them are native speakers and PhD holders able to take care of any assignment you need help with.

Free revisions

If you feel that we missed something, send the order for a free revision. You will have 10 days to send the order for revision after you receive the final paper. You can either do it on your own after signing in to your personal account or by contacting our support.

On-time delivery

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & confidential

We use several checkers to make sure all papers are plagiarism-free and do not share them with third parties.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

You are welcome to choose your academic level and the type of your paper. Our academic experts will gladly help you with essays, case studies, research papers and other assignments.

Admissions

Admission help & business writing

You can be positive that we will be here 24/7 to help you get accepted to the Master’s program at the TOP-universities or help you get a well-paid position.

Reviews

Editing your paper

Our academic writers and editors will help you submit a well-structured and organized paper just on time. We will ensure that your final paper is of the highest quality and absolutely free of mistakes.

Reviews

Editing your paper

Our academic writers and editors will help you submit a well-structured and organized paper just on time. We will ensure that your final paper is of the highest quality and absolutely free of mistakes.