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Answer to Question #65649 in Economics of Enterprise for Mpho
Question #65649
five possible reasons for a product having an inelastic demand
Expert's answer
1. A product has not enough substitute
2. Consumer spend low percentage of income on a product
3. The more necessary a good is, the lower the elasticity
4. In a short period
5. Product that can be used one time has less elastic demand
2. Consumer spend low percentage of income on a product
3. The more necessary a good is, the lower the elasticity
4. In a short period
5. Product that can be used one time has less elastic demand
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#340153 on Dec 2023
#340153 on Dec 2023
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