I just need one rebutle for each of these \”postings\” done asap:Price elasticity of demand (PED) is the concept that distinguishes the relationship between price and quantity demanded and it also provides a precise calculation of the effect of a change in price on quantity demanded (Economics Online Ltd; 2016). When in the concept of identifying a brand’s competitors it is important to understand the relationship between an elastic and inelastic prices in response to the changes of prices. An elastic price is when the demand is significantly higher and the inelastic demand is when there are small changes in prices (Kotler & Keller; 2012). Economists often use the term of “ceteris paribus” to describe price elasticity, because it it is the balance in the business marketing world that needs to happen to maintain the prices in the field. When in relations to identifying brand competitors, one of the biggest factors that plays into this is the brand loyalty does effect the price sensitivity as well. By understanding how the price effects the price sensitivity it helps determine how the customers will react to the prices in the market. As Kotler & Keller (2012) state “ customers are less sensitive to low-cost items or the buy infrequently” (p. 390). Sellers will be able to stretch and increase prices strictly on the merit of if they can convince their consumers that their product is worth them being bought. Ultimately, the producers will have to keep close attention to the market to understand the flow of their consumers on their market.
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