Week 1 Question 4

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Economics

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This is due Thursday!!! I don't see the word requirement yet. I'm thinking between 200-300 words. Different products have different demand elasticity--Define elasticity. Heart medication, for example, is inelastic and corn is elastic. Find a product that has not already been selected and describe the price elasticity and income elasticity. How much control might an organization have over pricing based on a product's elasticity? Discuss which of the elasticity rules you used to determine your answer.
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Anonymous
Just what I was looking for! Super helpful.

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