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The factors that determine the price elasticity of demand include tastes and preferences. number of buyers....

The factors that determine the price elasticity of demand include

  • tastes and preferences.
  • number of buyers.
  • technology.
  • time needed to adjust to price changes.
  • availability of substitutes.
  • relative need and relative cost.
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Answer #1

Price Elasticity of Demand: Price Elasticity of demand can be defined as the relationship between the changes in quantity dem

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