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All other things equivalent, the higher the proportion of income spent for the commodity more price elastic will be the demand.   Most home owners are recognizable with how this determinant works.  The demand for single family dwellings is likely to be more elastic than the demand for apartments, because a higher proportion of your income will be spent on housing when you own your home.

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9621333

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