All other things being equal, the more substitutes for a good, the higher the price elasticity of demand. Price elasticity of demand defines how much a product's consumption changes in response to price changes.
The elasticity of a product is impacted by the accessibility of an alternative. Demand won't change as the price increases if product is necessary and there are no substitutes, making it inelastic. It is computed by subtracting the percentage change in price from the percentage change in quantity delivered. The two elasticities work together to define what products are produced and at what costs.
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