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Management Studies

Question: Explain price elasticity and its determinants. Elasticity is an important element in price determination. The degree of consumer responsiveness to price changes is affected by such factors as

(1) availability of substitute or complementary goods,

(2) the classification of a good or service as a luxury or a necessity,

(3) the portion of a person's budget spent on an item, and

(4) the time perspective.

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Management Theories, Management Studies

Category:- Management Theories
Reference No.:- M92268664

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