Saturday, September 1, 2018

Determinants of Price Elasticity


ELASTIC:
Elastic is generally defined to be as when the price of a product/item increases then the demand for that product decreases.
EXAMPLE:
Previous year during the Durga puja in Kolkata I went to buy butter of about 5kg as for the club requirement but as the price of the butter so high I shifted my decision on buying meonesse instead of butter. So there we can see that as the price of the butter was high I had to move to an alternative substitute.

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