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Identify the determinants of the price elasticity of demand. Explain each one. Determine whether each of the following items is elastic or inelastic: bottled water,
- Identify the determinants of the price elasticity of demand. Explain each one.
- Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning.
- Distinguish between a necessity and a luxury.
- How are the price elasticity of demand and total revenue related? Why is the price elasticity of demand important to pricing?
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Introduction to Econometrics
Authors: James H. Stock, Mark W. Watson
3rd edition
133595420, 978-0138009007, 138009007, 978-0133486872, 133486877, 978-0133595420
