identify such three products/services having undergone a fundamental shift in demand responsiveness in respect of their prices (Price elasticity of demand).
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Elasticity of demand refers to the change in demand when there is a change in another factor, such as price or income.
If demand for a good or service is static even when the price changes, demand is said to be inelastic.
Examples of elastic goods include luxury items and certain food and beverages.
Inelastic goods, meanwhile, consist of items such as tobacco
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