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ELASTICITY OF DEMAND Scenario 3: a. If your company's product has many substitutes in the market, what happens to the elasticity of your product?
ELASTICITY OF DEMAND Scenario 3: a. If your company's product has many substitutes in the market, what happens to the elasticity of your product? If your company's product has few substitutes in the market, what happens to the elasticity of your product? If your company's product has no substitutes in the market, what happens to the elasticity of your product. b. Use a numerical data of price and demand to show the price elasticity of your good. c. Draw and show this effect of change in price on the demand for your company's product with the help of a demand curve.
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Microeconomics
Authors: Michael Parkin
11th edition
133019942, 978-0133020250, 133020258, 978-0133019940
