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From course:

Economics A Level (DONEEEEEEE)

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Question:

How can the Percentage of Income spent on a Good be an Influence to Price Elasticity of Demand

Author: eric_galvao



Answer:

-If the Good requires a Large % of Income, it will be more Price Elastic than Goods that need a Small % -Big Ticket Goods will have Consumers spend more Time looking at the Best Price


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