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Paper 2Structured Questions2 marks
Understanding demand elasticity is crucial for businesses and policymakers.
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Factors Affecting Demand Elasticity
Demand elasticity is influenced by several factors including the availability of substitutes, whether the good is a necessity or luxury, the proportion of income spent on the good, and the time period considered.
- a[2]
State two factors that determine whether demand is elastic or inelastic.
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