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Necessities tend to have relatively inelastic demands

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Reference no: EM133082226

Discuss the reason for the following, using elasticity of demand as the basis for your answer. Motivate your answer with the aid of examples

Narrowly defined markets tend to be associated with a more price elastic demand than broadly defined markets

Goods tend to have more price elastic demand over large time horizons.

Necessities tend to have relatively inelastic demands, whereas luxuries have relatively elastic demand.

Reference no: EM133082226

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