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State with reasons whether the following items will have elastic or inelastic demand: coke?
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State with reasons whether the following items will have elastic or in...
Elastic demand refers to a situation whereby a slight change in price will lead to a drastic change in the quantity demanded.
Elasticity of demand is more than 1.
Is usually a characteristic of goods considered luxuries:coke,cigarettes,butter for the poor
Inelastic demand refers to a situation whereby  a change in the price of a product leads to  little or no change in the Quantity demanded.
Price elasticity is less than 1.
Products in this category are considered a necessity:matchbox,medicine,electricity.

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State with reasons whether the following items will have elastic or inelastic demand: coke?
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State with reasons whether the following items will have elastic or inelastic demand: coke? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about State with reasons whether the following items will have elastic or inelastic demand: coke? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for State with reasons whether the following items will have elastic or inelastic demand: coke?.
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