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What is the implication in pricing of a commodity

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Reference no: EM133128611

1. What is the implication in pricing of a commodity of a good yielding a highly elastic "price elasticity of demand"?

2. Why are luxury goods highly elastic in terms of price elasticity of demand?

3. Name and explain a psychological factor affecting a consumer's choice of a commodity.

4. How may consumer behaviour be affected by their reference group? Explain.

Reference no: EM133128611

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