EFFECT OF PRICE AND PRICE CHANGES ON THE SALES OF CONSUMER GOODS
Abstract Price elasticity is a widely used measure of consumers’ willingness or ability to pay for goods and services. This research examines the price elasticity of high-priced brands. We define high-priced brands as those that sell at or above the price point at which consumers begin to consider that product to be luxurious or premium in the category. More specifically, we use high-priced wine brands as the context for this ...
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