why is the price elasticity of demand for petrol low whilst that of holidays abroad is high?

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Robert · Accepted Answer

Why is the price elasticity of demand for petrol low whilst that of holidays abroad is high? 
Answer: 
Patrol is a necessity and big a source of energy in our daily life. So we do not reduce the demand 
for patrol by much, even if its price has increased.

why is the price elasticity of demand for petrol low whilst that of holidays abroad is high?

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