Warby Parker can offer cheaper glasses than their competition because they <span>use the same materials and factories as Luxottica without the licensing fees.</span>
Hope this helps!
Demand for a product is perfectly elastic in this type of industry. Monopolistic competition occurs whereby the market is made up of many consumers and many producers and the product/service offered by the producers is differentiated. In this case, the producers are price makers as they posses significant pricing power. One key characteristic across the board is that since a similar range of products is being offered, demand is highly elastic and can easily shift based on small changes made by the producer.
Style:
Too many bullet points and text on one slide. Make the text bigger and consolidate points. The image is irrelevant and should be replaced with something relevant to the points or deleted all together
Content:
Many of the bullet points are on the same topic but separated for some reason. You could say "The project will start December 3rd and will run for 6 months" which combines 2 of the points. Also, don't say "this project is important!" <em>Show </em>how important the project is through objectives and goals.
Answer:
Elastic demand.
Explanation:
The term elastic demand describes a situation where a small change in price causes a considerable change in demand. In other words, the change in demand is not proportionate to the change in price.
As per the law of demand, an increase in price decreases the quantity demanded. The term elastic in this context means stretching or moving. A good has elastic demand if its demand is highly responsive to changes in price.
In the case of the Blu-ray player, the price changed from $300 to $50. A drop of $250. As a percentage, the price dropped by (250/300 x 100) = 83.3%. The demand increased from 100 to 1000. An increase of 900 units. The percentage increase =(900/100 x 100)=900%.
The demand for Blu-ray is elastic. A price decline of 83% causes the demand to rise by 900%.
