Choose a product that you consume.What are the determinants of the demand for your chosen product? What are the
substitutes for the product? What are the complements of the product? Is the price elasticity of demand of the product elastic or inelastic? What are the determinants of the price elasticity of demand for the product? How would you characterize the income elasticity of demand of the product?
According to the Law of Demand,if other things remain constant, quantity of a good demanded increases with a decrease in... View the full answer