What does the elasticity of demand for luxuries tend to be?greater than 1greater than 0 but less than 0.5less than 1equal to 0equal to 1exactly 0.5

Elasticity of demand refers to the percentage change in quantity demanded of a commodity with…

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What does the elasticity of demand for luxuries tend to be? Ogreater than 1 greater than 0 but less than 0.5 less than 1 equal to 0

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 2P

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What does the elasticity of demand for luxuries tend to be?
greater than 1
greater than 0 but less than 0.5
less than 1
equal to 0
equal to 1
exactly 0.5

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