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SOLVED: What is the difference between price elasticity of demand and elasticity of substitution? Explain the various measures of price elasticity of demand.

SOLVED: What is the difference between price elasticity of demand and elasticity of substitution? Explain the various measures of price elasticity of demand.

SOLVED: What is the difference between price elasticity of demand and elasticity of substitution ...

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What does the elasticity of substitution illustrate? How is it expressed mathematically? What two factors affect its magnitude?

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