Question: a) Why do many primary commodities have a relatively low PED while many manufactured products have a relatively high PED? b) Use the concept of

a) Why do many primary commodities have a relatively low PED while many manufactured

products have a relatively high PED?

b) Use the concept of PED and diagrams to explain why agricultural product prices tend to

fluctuate more (are more volatile) compared with manufactured product prices over the

short term.

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