WOW 0.67% $30.20 woolworths group limited

$2 milk, page-5

  1. 1 Posts.
    Goods such as Milk are considered necessities, therefore they are highly elastic (economic theory states the higher the degree of necessity the higher the level of elasticity - which is the change in quantity demanded when any change in price occurs). Thus a drop in milk prices would be considered a positive elasticity as the fall in price would obviously attract more consumers, increasing quantity demanded.
 
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