Explain using determinants of theprice elasticity of demand

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Reference no: EM132846520

Discussion 1: Assume that you recently made a purchase on Amazon.com. The next time you go to purchase this item, let's say you find out that the price has increased by X dollars. How would you respond to this price increase? Would you say this item is Relatively Elastic, Relatively Inelastic, or Unitary Elastic? Explain using the Determinants of thePrice Elasticity of Demand. Think about how the increasing popularity of shopping online impacts your response.

Reference no: EM132846520

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