Economics
Week 1 Question 4
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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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