Unformatted text preview: if there are few substitutes then naturally it would become more inelastic. A consumer’s income impacts products elasticity due to the fact that a consumer may stop purchasing an item all together if that price rises too much. It’s the same as mentioned before, if the produces price is higher it becomes less elastic, however if the items price was low to begin with it would stay elastic....
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- Spring '09
- Price Elasticity, impacts products elasticity