Explain the role of the availability of substitutes

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Problem 1) Define the price elasticity of demand and explain the role of (a) the availability of substitutes; (b) the share of a budget spent on a product; and (c) the passage of time on the price elasticity of demand of a product.

Problem 2) Explain why the continuation of the war in Ukraine will result in a decrease in the the price elasticity of demand for oil.

Reference no: EM133494795

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Explain the role of the availability of substitutes : Define the price elasticity of demand and explain the role of the availability of substitutes; the share of a budget spent on a product.

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