Elasticity of good and service

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Reference no: EM13145993

The substitutability of a particular good/service can play havoc on a company's sales. This is formally defined as elasticity of a good/service. The elasticity/substitutability changes for 4 reasons. The 4 reasons are stated below, briefly describe/explain them.

a) The larger the time interval

b) Broader definition

c) Depends on the size relative to a person's budget

d) The more the good/service is a necessity

Reference no: EM13145993

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