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Commodities that are viewed as luxuries typically have price elastic demand, and commodities that are requirements have price inelastic demand.  There is easily no substitute for a insulin, if you are an insulin dependent diabetic.  Because insulin is a need for which there is no substitute, the demand will be price inelastic.

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9621329

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