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Q: How does necessities vs luxuries affect elasticity?
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What are four factors that affect elasticity?

Availability of Substitutes Relative Importance Necessities vs. Luxuries Change Over Time


What factors affect the elasticity of demand?

There are plenty of factors affecting elasticity of demand including climate of the area. Other factors that effect elasticity of demand include supply and group of people buying.


Difference between securities exchange vs OTC market?

There are two primary differences between securities exchange and OTC. They are that OTC does not have a physical place and they seldom affect stock prices.


Explain Price Elasticity of Demand?

Well, the definition of elasticity (in the context of economics) is a fluctuation in consumer demand relative to changes in price. A product is considered elastic if a small price change has a large impact on demand (ratio of +1), and vice versa; it is considered inelastic if change in price has little impact on demand (ratio of -1). It is usually compared to a rubber band. Now, elasticity of demand is based on several factors on whether or not it is elastic: Availability of substitutes: electricity or no electricity, this or that pizza joint Relative Importance: simply, opportunity cost. Necessity vs. Luxury: Necessity is inelastic whereas luxury is elastic. Change over Time: market doesn't always change quickly. Marketing techniques: techniques to sell product, such as endorsements, humor, beauty appeal, etc. If anyone can help to make this more clear, please do so.


What the examples of trade-off in terms of logistics?

Time vs. Money Quantity vs. Quality Stability vs. Speed -dj

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What are four factors that affect elasticity?

Availability of Substitutes Relative Importance Necessities vs. Luxuries Change Over Time


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It is an approximate measure of elasticity.It is an approximate measure of elasticity.It is an approximate measure of elasticity.It is an approximate measure of elasticity.


What factors affect the elasticity of demand?

There are plenty of factors affecting elasticity of demand including climate of the area. Other factors that effect elasticity of demand include supply and group of people buying.


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Blood transfusion graft-vs.-host disease affects mostly the blood.


What was life like for a young woman in 1881 in America for someone in a poor family vs a rich family?

In 1881 a poor young women often suffered from poverty and poor health while a rich young women had many luxuries.


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What is the relation between Hooke's Law of Elasticity vs Newton's Law of Viscosity?

These two laws they are similar. But Hooke's Law is a law which is used in Solid Mechanics, and Newton's Law of Viscosity is the one which is used in Fluid Dynamics.