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Economics WEC11/01 June 2023

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1.Private goods characteristics: rivalry, excludability. 2.Price elasticity factors: substitutes presence, stock availability, legal constraints, substitute absence impact on inelasticity. 3.Demand elasticity interpretation: price elastic vs. inelastic from percentage price and quantity changes. 4.Market effects of demand increase: consumer surplus, price changes linked to demand shifts. 5.Consumer behavior: utility maximization, habitual vs. inertia influence on subscription cancellations. 6.Cross elasticity analysis: percentage price change effects on related goods demand (battery electric, hybrid vehicles).
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