Determinants of the Price Elasticity of Demand (PED).
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Pages: 1
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showed first 75 words of 251 total
showed last 75 words of 251 total
…in the price of inexpensive goods. The following example illustrates how to determine the price elasticity of demand for a good.The price elasticity of demand for supermarket own produced strawberry jam is likely to be elastic. This is because there are a very large number of close substitutes (both in jams and other preserves), and the good is not a necessity item. Therefore, consumers can and will easily respond to a change in price.
…in the price of inexpensive goods. The following example illustrates how to determine the price elasticity of demand for a good.The price elasticity of demand for supermarket own produced strawberry jam is likely to be elastic. This is because there are a very large number of close substitutes (both in jams and other preserves), and the good is not a necessity item. Therefore, consumers can and will easily respond to a change in price.
