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23 December, 07:40

The price elasticity of demand for a good measures the willingness of

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  1. 23 December, 10:27
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    The willingness of consumers to buy less of an item as the price goes up.

    If someone loves a product and the price goes up just a little bit, they may continue to buy it at the same rate so demand says pretty close. But if the price goes way up, they will start to think twice before buying it and will buy less.
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