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Question
Mention the degree of price elasticity of demand for the following goods:
(1) cosmetics
(2) medicine
(3) school uniform
(4) air conditioners
Solution
The degree of price elasticity of demand:
1. Cosmetics: Relatively elastic demand
2. Medicine: Perfectly inelastic demand
3. School uniform: Relatively inelastic demand
4. Air conditioners: Relatively elastic demand
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Elasticity of Demand and Elasticity of Supply
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