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Use microeconomic ideas such as supply, demand and elasticises to explain why usually the price of basic commodities used is less stable than the price of manufactured products?
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ESSAY Question: Use microeconomic ideas such as supply, demand and elasticises to explain why usually the price of basic commodities used is less stable than the price of manufactured products? The prices of basic and manufactured products Basic commodities are usually necessary for everyone; although the price varies people have to buy them. It is common to see especial offers and promotions within basic branded products like rice and milk, but they follow a general price. The prices also depend on the conditions like weather and transport. This is the reason why they are always fluctuating. Manufactured products have more stable prices because they are not consumed frequently and because the demand depends on the price. But there are also other reasons to understand the stability of these goods. First of all, basic commodities are the raw products, which can be processed; they differ from manufacturing industry due to biological character of its form...
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