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4 There are many brands of laundry detergent, all equally effective

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4. There are many brands of laundry detergent, all equally
effective. Would you expect the elasticity of demand for
any particular brand to be high or low? Explain.
Solution
The elasticity demand for any particular brand among a
group of products can be either high or low and this can be
based on the following criteria:
1. Effectiveness of the product
2. Cost of the product.
3. Brand of the product
4. Availability of the product
5. Quality of the product.
Even if there are many brands of laundry detergent
competing in the market which are effective, the demand
for a particular product will be marginally different from a
set of similar products since customer selection will not
only be based on effectiveness but also many other
factors. The cost of the product, the quality of the product
will play equal importance while determining the demand of
the product.

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4. There are many brands of laundry detergent, all equally effective. Would you expect the elasticity of demand for any particular brand to be high or low? Explain. Solution The elasticity demand for any particular brand among a group of products can be either high or low and this can be based on the following criteria: 1. Effectiveness of the product 2. Cost of the product. 3. Brand of the product 4. Availability of the product 5. Quality of the product. Even if there are many brands of l aundry detergent competing in the market which are effective, the demand for a particular product will ...
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