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We learn in this chapter the elasticity of prices.Discuss an elastic and inelastic product.Why do you feel these products are elastic? inelastic? Are there many

We learn in this chapter the elasticity of prices.Discuss an elastic and inelastic product.Why do you feel these products are elastic? inelastic? Are there many substitutes?How does the income effect factor?Is there a reference price for these products that are in your comfort level? Please explain. Thanks

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