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Unformatted text preview: <name removed to preserve anonymity> ECON220 AIU Online Discussion Board #2 Recently, I purchased a new dress shirt from a local clothing store in the mall. The shirt was needed because my wife, daughter and I would be attending a photo session later that evening in celebration of my daughter turning 6 months old. Upon arriving in the dress shirt section of store, I immediately noticed there were many different types of the style of shirt that I was looking for in the store, from many different designers / manufacturers. While the new dress shirt certainly wasn't a necessity, as I have many in my closet that I just as easily could've worn, it certainly enabled me to have an afternoon free of heated discussion as to why I did not purchase it, with my wife. :-) The availability of substitutes, wether a product is a luxury or necessity item, the amount of a consumers budget consumed by the product, and the amount of time that a product or good is available for a consumer to purchase are 4 key factors that the elasticity of a product or good are...
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- Summer '11