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For each question analyse with an aid of diagram how the following factors could affect the price elasticity of demand: (i)Substitutes for the product(5 marks)

For each question analyse with an aid of diagram how the following factors could

affect the price elasticity of demand:

(i)Substitutes for the product(5 marks)

(ii)The proportion of price relative to income (5 marks)

(iii)Whether the product is a luxury or a necessity (5 marks)

(iv)The amount of time involved. (5 marks)

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