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Time is a significant determinant of price elasticity. If a price changes, it might take consumers a certain amount of time to discover alternative lifestyles or commodities to account for the price change. For example, if the price of cars enhances, a family that planned to buy a car may wait for their income or wealth to enhances to make buying a new car viable alternative to continuing to drive an older vehicle. In other words, the longer the time frame for the decision to buy the more price elastic the demand for the commodity.
looking for information to complete essay, info looking for What is elasticity and its calculations for the price of a lap top, that increases by 20% and there is a 40% drop in qua
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The US government decides to subsidize solar panels. For each unit sold, the government pays $T to the buyer. Using a graph, show how this subsidy affects i) consumer surplus, ii)
Price elasticity is used in economics to determine the changes in price of goods and services. It measures the change in price demanded and quality supplied. Determinants of pri
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