What is the price elasticity of demand for the following goods?give reasons
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The availability of substitute goods affects thedemand elasticity of goods or services. Hence, thedemand for goods or services with many substitutes is highly elastic. A small increase in the price levels of goods causes consumers to buy its substitutes.
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price elasticity e of demand is defined as the responsiveness of quantity demanded to a in price the demand for a product can be elastic inelastic depending on the rate of change in the demand with respect to the change in the price
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