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| Topic: |
Business
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| Number of pages / Number of words: |
4 / 1022 |
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If the price of a Toyota vehicle increases, the demand for that vehicle will decrease because many substitutes are available.
If the income of Toyota customers were to increase by 10%, it would be expected that the demand would increase by about 10% as well. This rational is based on the concept that “the higher the price of a good relative to consumers’ incomes, the greater the price elasticity of demand†(McConnell & Brue, 2004)...
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Toyota vehicles would be considered superior goods, which are highly elastic. For example, in difficult economic times, automobiles and other superior goods are some of the first items to get cut because consumers simply cannot afford them. However, when times are good and incomes increase, superior goods jump significantly compared to products that have low or negative elasticity...
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