Restructure an essay and apply more economic diagrams

Restructure an and apply more economic diagrams - Essay Example Analysis using price elasticity of demand has been employed. In addition to it, to check for the presence of any substitution effect and the probable relationship between these two designer shoes, analysis on the cross price elasticity of demand has been implemented. This paper also discusses the result of a survey conducted with respondents to gain their opinion about the two commonly and widely accepted designer shoe products. Most of their answers were substantial to the analysis and in fact, they helped to further justify the result of cross price elasticity and price elasticity analysis. Just by looking at the pictures, one cannot differ from shoe to shoe. What is the difference to cause such diverse pricing? Answering this question requires analysis and most importantly, substantial methodology prior to evaluation and analysis of information. The following is the discussion of the methodology employed in this paper. This paper is research work to examine how Deichmann and Gucci, the two widely known brands of designer shoes can be sold at two completely different prices in the same area. To gather sufficient information in line with the analysis, the follow undertaking of data and information gathering was completed. A survey of 100 female respondents who were able to answer the questionnaire was undertaken. These respondents are primary sources of information in support of the results obtained from price elasticity analyses. The sales volume of two different shoes from two different shops is through looking at consumers’ income. In economics, the income effect is pertaining to the effect of price change and consumers’ real income to the quantity of products demanded (McConnell & Brue 1993, p. 403). This means that as the price of Gucci or Deichmann increases, consumers will consider their budget or income and ultimately will end up buying the product they can afford. However, a major factor being held constant over here is the availability of