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The elasticity of a product can change over time as external factors and market conditions evolve. When a product is first introduced, its elasticity may be high as consumers are more sensitive to price changes. However, as the product becomes more established in the market and competition increases, its elasticity may decrease as consumers become less sensitive to price changes. Additionally, changes in consumer preferences, income levels, and overall economic conditions can also impact the elasticity of a product over time.

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4mo ago

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