Analyze the available data and information such as pricing a

Analyze the available data and information, such as pricing and the availability of substitutes, and justify how you determine the price elasticity of demand for your firm’s product (kitchen and bathe cabinetry produced by Masterbrand Cabinets).

Solution

Solution-

The price elasticity of demand is a measure of the value of the product related to its price changes or the amount of change that has been made.The availability of substitutes and availability of prices has influenced their demand.The price increase has decreased demand.Due to alternative availability, they reduce the impact on the demand because the consumer is running with the same products as cheaper products.It influences the flexibility of things.