Price elasticity of demand is a consumer's receptiveness to the change of a price in a good or service. In essence what this means is that a consumer has certain expectations in regards to goods or services he or she wishes to purchase. There are certain goods or services that a consumer will purchase regardless how much they are. This usually occurs when the item is a necessity and an alternative is not available. This …
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showed last 75 words of 611 total
…they all have the same hiring practices for the most part. If I could get my company to send me qualified personnel, I could provide the client with a certain level of service that they demand. There is an old saying that is very true. You cannot make a silk purse out of a sow's ear. References Douglas A. Ruby. (2003, January 17) Price Elasticity of Demand. Retrieved on November 4, 2004 from http://www.digitaleconomist.com/elasticity.html