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Write a discussion post that identifies real world goods or services that have elastic/inelastic demand. Name a specific good or service that has inelastic demand
Write a discussion post that identifies real world goods or services that have elastic/inelastic demand.
- Name a specific good or service that has inelastic demand (it has a steep demand curve).
- Explain why quantity demanded does not change in response to an increase or decrease in price.
- Then name a specific good or service that has elastic demand (it has a relatively flat demand curve).
- Explain why quantity demanded does change a lot in response to an increase or decrease in price.
- Which of these two goods is most likely to be taxed.
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