Price elasticity of supply measures how the quantity supplied of a good responds to changes in its price. For luxury goods, the concept of price elasticity is particularly intriguing because it often behaves differently compared to more essential goods. In this article, we will explore the price ela...
In economics, a luxury good is defined as a product or service that is not essential but is highly desired and often signifies a higher social status. Unlike necessities, which are basic and required for survival, luxury goods are associated with higher income levels and are often purchased by indiv...
