Suppose the price of a good rises. In general, how does the percentage of your budget you spend on that good affect the elasticity of your demand for goods overall?

The higher the percentage of your budget spent on a particular good, the more elastic your demand for goods overall

Explanation: The elasticity of demand is an economic principle which measures the rate or degree of consumer response to changes in quantity demanded as a result of a change in price, given that all other factors remain equal. This means that all things being equal, the desire for a good reduces as the price increases.

For some products, the desire to buy them drops rapidly with even a slight change in price while quantity demanded for some other products (especially those deemed essential by the consumer) remain constant or just a slight difference even with rapid increase in price.

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