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1. What is the implication in pricing of a commodity of a good yielding a highly elastic price elasticity of demand? 2. Why are luxury

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1. What is the implication in pricing of a commodity of a good yielding a highly elastic \"price elasticity of demand\"? 2. Why are luxury goods highly elastic in terms of price elasticity of demand? 3. Name and explain a psychological factor affecting a consumer's choice of a commodity. 4. How may consumer behaviour be affected by their reference group? Explain

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