The must-have gift: random price or elasticity?
Posted By: Michelle Balconi
What's inside the gift bag this holiday season? Could it be the must-have, highly-anticipated, latest and greatest tech gadget? 'Tis the season for holiday shopping and also the opportunity to discuss price elasticity of demand with your children and grandchildren. Ask kids whether or not they think the demand for a gift at the top of their wish list is affected by a change in price. Cheers!