Explain whether or not you would still purchase the item

Reference no: EM133395946

Question: Select an item that you purchased last month and that you had planned to purchase again this month. Now suppose its price increases 20%. Explain whether or not you would still purchase the item this month after the price hike. Based on your response, what is your price elasticity of demand for the item (elastic or inelastic). Explain.

Reference no: EM133395946

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