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Elastic Demand: For example, the demand for luxury cars, jewelry and vacations is elastic because an increase in price will cause a large decrease in

Elastic Demand: For example, the demand for luxury cars, jewelry and vacations is elastic because an increase in price will cause a large decrease in demand. Inelastic Demand: For example, the demand for staple foods such as rice and bread is inelastic because an increase in price will cause only a small decrease in demand

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