{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T02:34:50-04:00", "answer_date": "2024-06-29 02:34:50", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4449890", "url": "\/study-help\/questions\/what-do-you-think-about-these-opinion-since-the-beginning-4449890", "question_creation_date_js": "2024-06-29T02:34:50-04:00", "question_creation_date": "Jun 29, 2024 02:34 AM", "meta_title": "[Solved] what do you think about these opinion Sin | SolutionInn", "meta_description": "Answer of - what do you think about these opinion Since the beginning of the COVID-19 pandemic we have been able to see how inflat | SolutionInn", "meta_keywords": "opinion,beginning,covid-19,pandemic,inflation,increased,globally,case,united,states,population,types", "question_title_h1": "what do you think about these opinion Since the beginning of the COVID-19 pandemic we have been able to see how inflation has increased globally", "question_title": "what do you think about these opinion Since the beginning of the", "question_title_for_js_snippet": "what do you think about these opinion Since the beginning of the COVID 19 pandemic we have been able to see how inflation has increased globally for everyone In the case of the United States, the population had different types of help which helped many to survive during those times Now everything has normalized a bit, and the population has even been granted salary increases Although this is of great help and has contributed to the economy continuing to move, it should be noted that inflation also continues to increase on the other hand At first people have been quite calm about making purchases, but as time has passed, it has not been possible to go unnoticed that the costs increase more with each passing day to the point that today it is almost impossible to rent a house ( at least on our island) This is little by little leading people to be more judicious and cautious than at the beginning of the pandemic when it comes to buying or investing their money And this is why many brands have realized that their profits or sales have been decreasing little by little with the passage of time and the increase in inflation After reading the article American price elasticity stretched to the limit we see how the current economic situation is affecting everyday Americans and how they choose to spend their money As a result of the covid pandemic back in 2020 we saw a rise in inflation which has been further exacerbated by ongoing wars conflict in the European region This has led to rising costs of everyday necessities such as food gas, etc Even with an increase in wages we see that Americans are still struggling to keep up with the rise of costs Therefore, we see how people are coping To offset the rise in costs many Americans families are prioritizing their expenses Opting to have their needs met at home then splurge on indulgences Resulting in restaurants and many businesses seeing a decrease in sales and demand In conclusion we see that as long as costs continue to rise Americans will spend less on things that aren't deemed necessary The statement American price elasticity stretched to the limit reflects the idea that the price elasticity of demand in the United States is being put to the test Price elasticity of demand measures how sensitive consumers are to changes in prices When it's said to be stretched to the limit, it implies that consumers are becoming increasingly resistant to price changes, particularly price increases The article highlights several key points that support this statement Minimal Growth in Consumer Spending The article mentions that consumer spending in the U S only grew by 2 4 in the year through June, which is not a significant increase This suggests that consumers are not willing to increase their spending at a rapid rate, even as prices rise Exhaustion of Savings The $2 1 trillion in savings that Americans accumulated during the pandemic is now exhausted This depletion of savings suggests that consumers may become more price sensitive and less willing to spend freely Impact on Various Sectors The article discusses how certain sectors, particularly makers of household staples, have been able to offset declining sales volumes with price increases Procter Gamble and PepsiCo, for example, increased prices and still maintained or improved their revenues However, in other sectors like restaurants and luxury goods, the impact of price sensitivity is more evident, with declining sales as prices rise Consumer Behavior The article highlights that as prices rise, consumers may become more cautious about spending on discretionary goods and indulgences, particularly if they continue to see price increases in essential items Potential for Improvement There is a mention that if wages continue to outpace inflation, consumers might become more willing to spend This suggests that the elasticity of demand can change with economic conditions, but the recent history of declining buying power has made consumers more cautious In summary, the statement suggests that the price elasticity of demand in the U S is being put to the test due to various economic factors, including price increases and the exhaustion of savings Consumers appear to be more price sensitive, especially for non essential goods, and this is affecting the performance of various sectors of the economy It also underscores the importance of factors like wage growth and overall economic conditions in influencing consumer behavior and price sensitivity ", "question_description": "

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