The four key concepts in this simulation focused on the following: Price Elasticity The percent change in demand quantity can be more or less than the change in its price. Relative elasticity/inelasticity of demand indicates whether the percent change in demand quantity is less than percent change in price. In the long-term, demand for any product tends to be more "price elastic" due to the availability of substitutes. Elasticity of Demand also indicates whether …
showed first 75 words of 537 total

showed last 75 words of 537 total
…per day or $10 per half day with that price doubling for boarding or kennel services. Where as a walking service averages about $25 per week for 2 ten-minute daily walks Monday through Friday and in home services averaging $25 - $30 per day. Price adjustments have increased demand in the drop-off sector as having space resources readily available (i.e. -warehouse space or open land) have become increasingly available and by market standards, very cheap to acquire and maintain.