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price elasticity of demand

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1. Give examples of how price elasticity of demand affects your purchasing decision and/or your firm's pricing decision?

2. Discuss several goods you either buy or sell at your workplace that are price elastic. Explain

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The solution clearly identifies how price elasticity of demand affects your purchasing decision.

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1.Give examples of how price elasticity of demand affects your purchasing decision and/or your firm's pricing decision?

- The law of demand tells us that consumers will respond to a price decrease by buying more of a product (other things remaining constant), but it does not tell us how much more.
- The degree of responsiveness or sensitivity of consumers to a change in price is measured by ...

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