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Sir bpp says people will be more sensitive to changes in the price of food than they are to changes in the price of new cars. This may be for two reasons. Firstly, food is a necessity, whereas a car is a luxury. Secondly, this may be due to the percentage of income spent on such goods.
Shouldnt it be the opposite? I mean Why would people stop buying food due to a price change. While obv they may do so for a car. In other words shudnt price sensitivity be low for food and high for car ‘considering’ the 2 reasons given for the point in the above para?
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