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For each of the following pairs of good, identify the one that you would expect to have the higher price elasticity of demand and explain
For each of the following pairs of good, identify the one that you would expect to have the higher price elasticity of demand and explain your choice by referring to at least one of the determinants of elasticity.
- Heiken beer, beer.
- A prescription medicine for blood pressure, A tablet to reduce headache pain.
- Milk, Orange juice
Also it would be great if you gave me a tip on how I can identify what's elastic and what's inelastic.
Thanks :)))
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