Exam (elaborations)
Eco 201 Module 3 Determinants of the price elasticity of demand QUESTIONS AND ANSWERS
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Consider some determinants of the price elasticity of demand: • The availability of close substitutes • Whether the good is a necessity or a luxury • How broadly you define the market • The time horizon being considered A good with many close substitutes is likely to have relatively elastic demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises.
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Institution
Southern New Hampshire University
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ECO 201
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- Institution
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Southern New Hampshire University
- Course
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ECO 201
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- Uploaded on
- January 26, 2023
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eco 201 module 3 determinants of th
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