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Find an advertisement for a product (and be sure to include it) that's trying to change its elasticity. Recall it needs to do at least
Find an advertisement for a product (and be sure to include it) that's trying to change its elasticity. Recall it needs to do at least one of the following:
- Try to make consumers believe that substitution isn't an option.
- Try to make their product more of a necessity vs. a luxury.
- Try to make time an issue such that you have to buy their product sooner rather than later.
Then, explain how the ad tries to achieve any of the goals above. Really (over) emphasize the economic terminology. Make it clear how the ad relates to the critical characteristics of inelasticity! Please be VERY CLEAR on which traits of INELASTICITY are being used. This is NOT a marketing analysis; emphasize the economics!
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