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2. Explain briefly why the price elasticity of demand for luxury items of goods and services plus with many substitutes of normal goods and services

2. Explain briefly why the price elasticity of demand for luxury items of goods and services plus with many substitutes of normal goods and services tend to have price elasticity demand greater than one (Elastic) as compared to goods basic necessities have the price elasticity of demand less than one. Give a specific example from the real world.

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