When the price of a good increased by 2%, the quantity demanded of it decrease 10% does this have close substitutes or poor substitutes? Is this good more likely to be a necessity or a luxury, and to be nearly or broadly defined 
When the price of a good increased by 2%, the quantity demanded of it decrease 10% does this have close substitutes or poor substitutes? Is this good more likely to be a necessity or a luxury, and to be nearly or broadly defined 
Chapter6: Elasticity
Section: Chapter Questions
Problem 2WNG: As the price of good X rises from 10 to 12, the quantity demanded of good Y rises from 100 units to...
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When the price of a good increased by 2%, the quantity demanded of it decrease 10% does this have close substitutes or poor substitutes? Is this good more likely to be a necessity or a luxury, and to be nearly or broadly defined 
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A substitute good in economics is a thing or service that can be used in lieu of another good or service. Because customers may choose to switch to the substitute item in order to save money when the price of one good rises, the demand for that good may also rise.
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