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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

List and explain the four determinants of the price elasticity of demand discussed in the chapter.

To determine
Determinants of price elasticity of demand.

Explanation

The main determinants of the price elasticity of demand include the following:

  1. 1. Availability of close substitutes: Goods with close substitutes have greater elasticity.
  2. 2...

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