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Labour Act

In: Business and Management

Submitted By vasco
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NAME: ADJEI PRINCE OKYERE.

INDEX NUMBER: 3165509

COURSE: ECONOMICS

COURSE CODE: AGEC 251.

QUESTION: HOW CAN THE PRICE ELASTICITY OF DEMAND BE USED TO DETERMINE WHETHER TWO GOODS BELONG TO THE SAME INDUSTRY OR NOT.

The term price elasticity of demand can be defined as the percentage change in quantity demanded divided by the percentage in price. Again for a good to be elastic, a change in price causes a proportionately larger change in quantity demanded. In this case, the value of price elasticity will be greater than one. Price elasticity of demand show whether a commodity would be patronized by a customer or not. Because before people by good, they are interested in the price.

For two goods to belong to the same industry they must serve the same purpose and such goods are said to be substitute goods. In other words, if two goods do not belong to the same industry, they serve different purposes. For example, meat and bread. As the price of meat increases, it does not affect the demand for bread. Because consumers will decide whether to purchase meat or bread.

But for two goods to belong to the industry and serve the same purpose that is substitute goods. For substitute goods for instance, if an industry produces two goods lets say pork and beef, as the price of pork increases, consumers demand more beef even though the price of beef does not change. This is because more consumers will not get enough income to buy the pork and for that the demand for pork reduces. Because the two goods serve the same purpose and from the same industry, consumers will switch to beef even though the price does not change. By comparing the price of the two goods, beef is now relatively more inexpensive compared to pork and demand for beef would be much greater than…...

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