A luxury good is defined as one for which

A luxury good is defined as one for which

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Reference no: EM13798128

A luxury good is defined as one for which:

the absolute value of price elasticity of demand is less than 1.

the price elasticity of supply is greater than 1.

the price elasticity of supply is exactly equal to 1.

the income elasticity of demand is greater than 1.

Reference no: EM13798128

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