Economy, asked by gokalnagpal, 6 months ago

do luxuries of life often exhibit low elasticity of demand ? briefly explain

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Answered by rishigupta7c

False. Luxuries of life have greater elasticity of demand. Change in their prices has a great effect on their demand. Because, the goods are not essentials of life and their purchase requires high percentage of income.

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do luxuries of life often exhibit low elasticity of demand ? briefly explain​

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do luxuries of life often exhibit low elasticity of demand ? briefly explain