The price elasticity of demand is the measure of the rate of response of the amount of a commodity demanded as a result of price change. Several factors determine or rather influence price elasticity. These include availability of the substitute, the time one has to spend buying the product, the nature of the product and course the amount of money one is willing to spend on the product. This essay will give an account of these factors based on a type of shoe purchased in the last one month.
Kenneth Cole-Gorgeous Men’s Ankle Boots is one of the best casual shoes to ever hit the market. This is the type of the shoe I deed purchase last month. The shoe gives a great match when for wearing with cords, jeans, chinos as well as khakis. They are great looking black or brown leather shoes, their respective suedes make them stunning and although casual, they have a stylish look. The shoe is designed with a double side gore and a pull tab that is easy slither off and on. The nature of this shoe can only be explained as gorgeous.
There are many types of casual shoes. However Kenneth Cole is unique and only a few people posses it. It is thus one of the best substitutes for most of the other brands of casual shoes that every other person has. As such it does not only make you feel unique but also looking great.
This pair of a shoe we only cost you about eighty dollars and thus are far much affordable. Though there are other cheaper types of casual shoes in the market, its quality and uniqueness is worth paying this exact cash. The products are now available in most of the shoe shops and you can be sure of spending the shortest time possible looking for it.
The demand of this type of a shoe appears to be inelastic and therefore prices changes may not affect the demand for this type of in a dramatic way. This as demand for smart casual shoes will always be there. The demand for this type of a shoe is still high than the supply and therefore this explains the reason for the relatively higher prices. This may change with change in demand and supply.