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Essay Details:

Subject: Business
Author: Michael R
Date: December 8, 2016
Level: University
Grade: A
Length: 3 / 614

Essay text:

Here in this article it is mention how the demand elasticity has changed the percentage due to the percentage change in the price. In this article it is stating how a barrel of oil has had a 575% change in price from the year 1999 till now. The demand elasticity also has its own determinants, that determines if the good is price elastic or not. There are many determinants here are a few that are taking into consideration a lot. They are: the availability of substitutes, necessities over luxury, definition in the market. In this case gas price is going up and it s not going down but the demand keeps on rising because it is a necessity for people where public transportation is not that well off...

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