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Demand elastic - Assignment Example

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Price elasticity of demand is one of the most important tools of economics that measures the responsiveness of price of a product with the change in the quantity demanded of the product assuming that all other factors remain constant. Conceptualized by the noted economist,…
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Demand elastic
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Demand elastic

Download file to see previous pages... Price elasticity of demand can be basically classified into five categories namely perfectly inelastic demand, relatively inelastic demand, unit elastic, relatively elastic demand and perfectly elastic demand. The pricing policy of the product will invariably depend upon the elasticity of demand.
The above differences in the price of the shampoos of the three companies is chiefly because of the difference in the quality of the products and the functions that are associated with the respective shampoos. This section talks about the various features that are associated with the products:
Kiehl’s Shampoo – The Kiehl’s shampoos are comprised of amino acid and coconut oil. The shampoo is expected to create a delightful, creamy lather that will gently and thoroughly clean the hair. The shampoo has the undeniable presence of moisturizers that provide with the required softness and shine. The presence of wheat proteins and wheat starch helps the hairs to grow to its fullest extent without any side effect.
Aveda Shampoo – Aveda shampoos are particularly useful to have cool and deep tones in natural and tinted dark shades within the hair and the shampoo helps to fight and prevent the red or the brassy tones. The specialty of the shampoo is that it comprises of the organically grown aloe, black tea along with the emollient-rich black malva. The company crafts the black malva by hand in its natural habitat. The shampoo is recommended especially for the dark shades and also it is too good for gently cleaning the hair.
Origins Shampoo – Origins shampoo comprises of a very nice and decent smell that always provide with an extra layer of freshness. The shampoo is found to be extra light and smooth and comes with an impressive conditioning rinse. The users have ratified that the feel after using the shampoo has been great and it is definitely a high bred product.
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Elastic range 2. Inelastic range 3. Unit-elastic range The figure shows how total revenue and elasticity of demand are related to the demand curve or the average revenue. 1. Elastic range (e > 1): In the first part of demand curve elasticity of demand is greater than one which means that it is elastic range.
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