Economy, asked by shubhsnghn, 6 months ago

20. Elasticity of demand in case of necessaries is

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Answered by yeyathichakravarthi

Answer:

Demand is inelastic if it does not respond much to price changes, and elastic if demand changes a lot when the price changes. Necessities tend to have inelastic demand. Luxuries tend to have elastic demand. Demand is elastic when there are close substitutes.

Answered by aved2005

Answer:

please told me purfect question

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