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There are 4 factors that influence the price elasticity of demand:The availability of substitutesThe specific nature of the goodThe part of income spent on the goodThe time consumers have to buy the good In a 2–4 paragraph Discussion Board post, discuss the following:Choose a product you have purchased in the past month from a clothing or shoe store.Describe how each of the 4 factors contributed to the elasticity of the good.Is the product considered elastic, inelastic, or unitary elastic?In a few sentences, what effect does the current supply and current demand have on this product?Comment on another student’s posting
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