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Hi, please help me solve this assignment Part 1: Elasticity and Products Choose any five products that exist within an economic market then classify and

Hi, please help me solve this assignment

Part 1: Elasticity and Products

Choose any five products that exist within an economic market then classify and describe their 'elasticity' (relatively inelastic, relatively elastic, perfectly elastic, perfectly inelastic, unitary elastic).

In each case, please explain what would occur if:

  • income increased
  • loss of job
  • a substitute was introduced
  • there was a suddenshortage of the product

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