Econ Sba on Elasticity of Demand of Fast Foods in Tnt

TABLE OF CONTENTS Acknowledgements i Aims and Objectives ii Introduction iii Title 1 Purpose of Investigation 2 Method of Investigation 3 Presentation, Explanation, Interpretation and Analysis of Data 4 Findings†¦show more content†¦The price elasticity of demand is worked out to be 0.7. Interpretation and Analysis: From all this information we can clearly see that the numerical value of the price elasticity of demand is less than one but more than zero. With this in mind we can state that the demand for fast foods on a whole is inelastic, which means when there is a one percentage change in price there is a less than proportionate change in quantity demanded. Chart:5 Factors that affect demand|11-13|14-16|17+| Advertising|2|4|0| Price|1|5|1| Taste|2|5|1| Peer Pressure|1|1|| Income|2|3|2| |||| Explanation: For the ages of 11-13 years 2 are affected by advertising, 1 by price, 2 by taste 1 by peer pressure and 2 by income. For the ages of 14-16 years 4 are affected by advertising, 5 by price, 5 by taste, 1 by peer pressure and 3 by income. for people who are 17 plus years in st. joseph convent st joseph zero is affected by advertising, 1 by price, 1 by taste, zero by peer pressure and 2 by income. Interpretation and Analysis: Persons who are more than 17 years have learnt how to resist persaution and look at what they have to manipulate it to there desires and and needs. Persons who are 14-16 years are more of