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DECISION MAKING PROCESS: The five step decision making process the consumer uses to complete a purchasing decision. Step one is defining the problem. Step two is collecting data on possible choices. Step three is evaluating the alternatives. Step four is making a decision. Step five is post-purchase behavior, sometimes buyer’s remorse.

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Lesson 12: Elasticity and Demand | Unit 4: Determinants Page: 18 of 25

Topic: Substitute Availability <=PAGE BACK | PAGE NEXT=>

  • Elasticity, especially the price elasticity of demand, is affected by three determinants:

  • Elasticity determinants are three ceteris paribus factors -- include substitute availability, time period, and budget proportion -- that are held constant when calculating elasticity and that result in a different value of the coefficient of elasticity when they change.
  • The most important elasticity determinant is substitute availability.

  • Substitute availability makes it possible to switch from one good to another in response to price changes.


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LONG-RUN AGGREGATE SUPPLY CURVE

A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply curve, abbreviated LRAS, is one of two curves that graphically capture the supply-side of the aggregate market. The other is the short-run aggregate supply curve. The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical long-run aggregate supply curve captures the independent relation between real production and the price level that exists in the long run.

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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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