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Identify two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand. Indicate why your choices have the relative elasticities they do. (Hint: Use the determinants of elasticity to sort why some products are elastic and others are inelastic).
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Identify two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand. Indicate why your choices have the relative elasticities they do. (Hint: Use the determinants of elasticity to sort why some products are elastic and others are inelastic).
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