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Please answer the following question in the image below. Thank you for your help. Chapter 4 1. Why does a Band-Aid (adhesive bandage) have an

Please answer the following question in the image below. Thank you for your help.

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Chapter 4 1. Why does a Band-Aid (adhesive bandage) have an inelastic demand and a vacation air travel have an elastic demand? [Limit your answers within 4 lines. Please discuss from both substitution and income effects perspectives]

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