Inter IKEA Systems B.V.
Iconsider myself an experienced economics and business studies teacher, which is why I was shocked to realise that I had been completely outmanoeuvred on a recent shopping trip to IKEA. While standing in the queue to pay for my purchases, it struck me that IKEA had just used price elasticity of demand (PED) in the most effective way and I had fallen for almost every aspect of elasticity.
Before we discuss my recent shopping experience at IKEA, let’s remind ourselves of the basics.
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