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Hank Schrader has his own geological business, They 'r'e Mnerafsf, where he digs for precious rocks that can be used for gifts. He is particularly
Hank Schrader has his own geological business, They 'r'e Mnerafsf, where he digs for precious rocks that can be used for gifts. He is particularly interested in how elastic demand may be for his store's products. He learns that there are a few ways to label the demand. a} Provide a brief description of elastic, inelastic, and unitary elastic demand. Also include how their demand curves are shaped. b) Provide two examples of goods or services (real or ctional) that you believe may fall into each of these categories. Show your reasoning. c) There are also two extreme cases of elasticity that were looked at in this chapter. Provide a brief description of each, as well as, including how their demand curves are shaped. d} Hank believes that his store's products should be considered elastic goods, while his wife, Marie argues that they are inelastic because \"they are just rocks". What determinants of demand elasticity would you suggest Hank use in order to buttress his argument? Provide your reasoning
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