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Consumers have budgeted a fixed money amount to buy a

Question : Consumers have budgeted a fixed money amount to buy a : 6786

Consumers have budgeted a fixed money amount to buy a certain commodity Within a certain range of prices, they will spend neither more nor less than this fixed amount on it. Their demand in this price range would be described as highly elastic, but not perfectly elastic, since they have to adjust quantity as price changes to maintain fixed spending perfectly elastic unit elastic perfectly inelastic highly inelastic, but not perfectly so, since spending must be maintained at a fixed level.

 

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Economics 1 Year Ago 90 Views
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