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Price Elasticity of Demand

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Price elasticity of demand is measure of how the amount of quantity demanded changes with respect to price change given that all other elasticity are kept constant. It is majorly influenced by the availability of substitutes, the nature of the product itself, the time available to the consumer to buy the goods, and the proportion of income spent on that certain product.  Focusing on the time I went to a grocery store last month to buy cabbages and they attracted my attention on the issues of its price elasticity of demand.

Vegetables prices are mostly determined by the availability of its substitute. Once the price of cabbage rises, the amount demanded lowers since the customers tend to stop buying cabbages and goes for its substitutes meat. Once the price of it falls the customers then return to buying it again. The time available to the consumer is very essential in determining the price elasticity. If the customers do not have much time to go to search for fresh and the vegetables that he or she wants, even though the price remains constant the demand will go down.

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The amount of money spent on vegetables is very significant since there is no single balance diet that can be prepared without availability of vegetables and more so the green ones. It is therefore that when their prices rises the amount the consumers spend on vegetables remains the same and it will not increase the amount they consume. The vice versa is true, since with fall in price the amount invested in vegetables will not increase and hence no significant change in the quantity demanded.

Most vegetables are perishable meaning that they remain a short while in a grocery store. If the price remain constant and the quantity demanded remain the same in some case most vegetables will overstay in the store and hence becoming spoilt. If no fresh ones are brought into the market then the customers tends to shy away from these vegetable. This therefore implies that when they are fresh there is more demand compared to when they overstay in the store.

From the above it is evident that even though prices are held constant, vegetables demand tend to change due to other factors hence they can be said to have elastic demand. Current shortage in supply of vegetables caused climate change has caused an increase in prices and consequently, low demand. 

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