Explain the effect of the following on the price elasticity of demand of a commodity: (a) Number of substitutes (b) Nature of the commodity
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more the no. of substitue more the elastic as consumer can esasily shift to other goods
nature means for what purposes it is used .if it is necessary goid then elasticity is less and if luxury good then elasticity high
nature means for what purposes it is used .if it is necessary goid then elasticity is less and if luxury good then elasticity high
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