Explain why each of the following factors may influence the, Microeconomics

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Ask qExplain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commodity as a ‘luxury’ or a ‘necessity’. (ii) The narrowness of definition of the commodity. (iii) The length of the period under consideration (iv) The availability of substitutes for the commodityuestion #Minimum 100 words accepted#

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