Guo (2012) gives the explanation for the concept of price elasticity of demand. It is simple and, when you think of it, obvious. With a very few exceptions, price increases will drive demand down. Interestingly enough, the controversy over EpiPens in the news today provides a good example of price elasticity of demand. The classic example is a drug addict or the slightly less addicted cigarette smoker. Price was essentially irrelevant to demand to these groups of consumers. The converse condition is also, then, true. Products that are commodities are essentially perfectly price elastic. Gas wars, for example, are ...
Essays on Florists
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Each year an increasing number of hotels, both in the United States of America and abroad, as well as facilities and services for tourists, take one of the first places in the formation of tourist infrastructure. Accommodation is an important element of almost any tour. Often the motivation for choosing the hotel tourist is decisive. Therefore, today hospitality is one of the most promising and fastest growing industries, generating worldwide multimillion profits. Hospitality has a great potential to generate a steady income. From a business perspective, the hotel is now in production and the provision of services of commercial hospitality that offers ...
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