Answer:
Prestige Product
Explanation:
From the information given, it can be seen that the rose gold bracelets are prestige goods. Prestige goods are those goods having prestige value, that is, they are said to increase the status of the people that owns them. Other examples includes, designer clothes, luxurious cars and homes amongst others. It is also important to note that the good/products is also Elastic. This is because increase in the price of the rose gold product led to decrease in amount demanded.
Answer:
Prestige
Explanation:
The question isn't complete. Here is the complete question:
Chantel, a resident of Denver, Colorado, decided to open up her own fine jewelry store. To do so, she used her life savings and a loan from the bank. Chantel was able to open up a store with sufficient inventory. She markets the jewelry as the "finest jewelry in the West." The most popular item Chantel sells is a rose gold bracelet that sells for $550. During one month, Chantel's fixed costs are $6,000. Her variable costs average about $400.
Refer to Scenario 12.1. Chantel decided to raise the price of her rose gold bracelets even higher to $750. To her surprise, though, demand went down. Based on this information, the rose gold bracelets are most likely a product.
Prestige products are products that are assumed to be of very quality, because of the added value it gives its owners. Prestige products are usually expensive. E.g. designer clothes, luxury cars, jewellery
I hope my answer helps you
