How Price Elasticity Impacts Inflation: Economics Assignment Help Case?

I got assignment topics like price elasticity and inflation while studying at the University. The concepts seemed simple, but I faced challenges applying them to real-world scenarios. I even struggled to use correct graphs while logically structuring my assignment. One of my friends suggested economics assignment help services like Assignment World in such cases.

What Is Price Elasticity?

Price elasticity of demand refers to how a change in price affects the product demand. If the price change creates a larger demand change, it is considered elastic. However, if the price change produces a minor shift in demand, it is considered inelastic.

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How does Price elasticity influence inflation?

The price elasticity influences inflation in various ways. Let’s have a discussion below.

1. Price Elasticity And Cost-Push Inflation

I learned about an interesting concept, i.e., price elasticity and cost-push inflation while working on my economics assignment.

Cost-push inflation occurs when the cost of production, like raw materials and wages, increases. Businesses raise the selling price even if the demand remains the same, leading to inflation.

For instance, in my assignment, I took the example of local transport, like buses, as cost-push inflation. It has an inelastic demand, which means that when the fuel prices increase, the transport companies can increase the bus ticket prices. People will still travel by bus because of fewer alternatives.

2. Price Elasticity And Demand-Pull Inflation

I explored how price elasticity affects demand-pull inflation while working on my economics assignment. I considered an example of mobile phones and rice in my assignment. For example, a company recently launched a mobile phone on the market. However, mobile phones are not a basic necessity, so people can switch to other brands if the price rises. So, the demand-pull inflation will stay low in the market with elastic demand.

In contrast, rice is a staple food and is an example of inelastic demand. If the population of a particular area increases, then the demand for rice also increases. But farmers cannot instantly grow more rice. So, the higher demand for inelastic goods like rice causes the price to climb quickly.

I struggled to properly structure my economics assignment and explain the relation between price elasticity and demand-pull inflation. I finally collaborated with the writers of the online economics assignment help.

3. Repercussions of Wage Inflation

While working on my economics assignment, I studied how price elasticity and inflation affect wages. Let’s discuss this with an example. When the price of inelastic goods like food and rent increases, people demand higher salaries from their working organisation. Businesses increase the production price to pay higher wages to their employees. So, wage inflation is a serious consequence of price inflation and inelastic demand.

The concept was overwhelming initially, so I struggled to complete my assignment on time. I finally got help from an online economics homework help service.

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Final Words

Price inflation and its impact on elasticity were new concepts while studying economics at my university. I took help from economics assignment help services like Assignment World. It has economics expert writers who provided me with assignments before my deadlines. The assignment was handwritten entirely and has no plagiarism. I scored high academic grades after submitting such an assignment.