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Describing two markets- Elastic and inelastic demand

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Write a short essay identifying and describing two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand.

Indicate why your choices have the relative elasticities they do.

Market One: What are some of the goods you purchase in your life for which your demand is most elastic? Why?

Market Two: What are some of the goods you purchase in your life for which your demand is highly inelastic? Why?

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https://brainmass.com/economics/supply-and-demand/describing-markets-elastic-inelastic-demand-607289

Solution Preview

The response addresses the query posted in 519 words with APA references.
//On the basis of the elasticity of demand, the market can be categorized into two categories. The following discussion is about the forms of the market and elasticity, related to the respective market structure. In the discussion given below, two forms of the market have been discussed, namely, monopolistic competition and oligopoly market. The elasticity of both the forms of market has been explained. Furthermore, examples of both the markets have been discussed, and reasons for their elastic behavior have been explained.//
Price elasticity of the demand is the degree of responsiveness of the quantity demanded according to changes in the price (Little, 2012). Different markets have different values of price elasticity, depending on the products it deals in. Monopolistic competition ...

Solution Summary

The expert describes two markets. Elastics and inelastic demands are examined. The response addresses the query posted in 519 words with APA references.

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