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Elastic and inelastic demand for price of goods or services

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Give an example of times you experienced with goods or services you purchased:

1) An item whose price changed significantly but the amount you purchased changed little.
2) An item whose price changed by a smaller amount and the amount you purchased changed a lot.

As part of your answer you should demonstrate an understanding of elastic and inelastic demand.

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Elasticity

Give an example of times you experienced with goods or services you purchased: 1) An item whose price changed significantly but the amount you purchased changed little. 2) An item whose price changed by a smaller amount and the amount you purchased changed a lot. As part of your answer you should ...

Solution Summary

The expert examines elastics and inelastic demand for price of goods and services.

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