What is the elasticity of demand for vehicles?

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In the context of economic demand, certain products exhibit varying degrees of elasticity.

For automobiles, the demand can be considered somewhat elastic in the short term. This is because consumers often have the option to delay the purchase of a new vehicle if they face financial constraints or other priorities.

The elasticity of demand for a specific model of automobile is likely to be highly elastic. This is due to the availability of numerous substitute models and brands in the market, allowing consumers to easily switch to an alternative if they are dissatisfied with the price or features of a particular model.

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