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Determinants of Demand
Price elasticity of demand fluctuates from commodity to commodity. Whereas the demand of some commodities is highly elastic, demand for others is highly inelastic. In this segment, we will illustrate the main determinants of the price elasticity of demand.
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Types of Price Elasticity of demand a) Perfectly inelastic demand Demand is said to be perfectly inelastic if changes in price have no the quantity demanded so
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