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OpenStudy (anonymous):
How does the necessity of a new car impact price elasticity?
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OpenStudy (anonymous):
If a person needs a car, no matter what the price, if they can afford it, they'll buy it. (And so price elasticity will be inelastic) (<1) However, if a person does not need a car drastically, then if the price is too high, they'll not buy it (and if low, will consider its qualities and features before buying)... so price elasticity for the car will be elastic (>1)
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