RESEARCH 1
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RESEARCH 1
Correct / Complete Answer = Follow or Brainliest
Wrong Answer = REPORT
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Research Title: "An Analysis of the Factors Affecting the Price Elasticity of Demand for Consumer Goods"
Background of the Study: The concept of price elasticity of demand is an important consideration for businesses when setting prices for their products. It refers to the degree to which the quantity of a product demanded changes in response to a change in its price. This research aims to explore the various factors that can affect the price elasticity of demand for consumer goods, including income level, availability of substitutes, and the necessity of the product.
Conceptual Framework of the Study: The conceptual framework for this research will be based on economic theories of demand and supply, as well as the concept of price elasticity of demand. The research will also consider the impact of external factors, such as the state of the economy and market competition, on the price elasticity of demand for consumer goods.
Statement of the Problem: The problem that this research aims to address is to understand the factors that affect the price elasticity of demand for consumer goods, and how these factors can be used to inform pricing strategies for businesses.
Significance of the Study: This research is significant because it has the potential to provide valuable insights for businesses seeking to optimize their pricing strategies. By understanding the factors that affect the price elasticity of demand for their products, businesses can make informed decisions about how to set prices that will maximize their profits while still meeting the needs of their customers.
Scope and Delimitation of the Study: This research will focus on the factors affecting the price elasticity of demand for consumer goods in developed countries, with a particular emphasis on the United States. The study will not include an analysis of the price elasticity of demand for industrial or raw materials.
Definition of Terms:
Price elasticity of demand: The degree to which the quantity of a product demanded changes in response to a change in its price.
Consumer goods: Products that are purchased for personal or household use, as opposed to industrial or raw materials.
Pricing strategy: A plan or approach used by a business to determine the price of its products or services.
Necessity: A product that is essential or required for basic needs or survival.
Substitutes: Products or services that can be used in place of another product or service.