Determinants of the Price Elasticity of Demand (PED).
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…in the price of inexpensive goods. The following example illustrates how to determine the price elasticity of demand for a good.The price elasticity of demand for supermarket own produced strawberry jam is likely to be elastic. This is because there are a very large number of close substitutes (both in jams and other preserves), and the good is not a necessity item. Therefore, consumers can and will easily respond to a change in price.
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