(Answered) Consider the last product or service you purchased for more

Economics

Consider the last product or service you purchased for more than $50, excluding gasoline.

If the price of that product or service went up by 10% overnight, how would you adjust your behavior in the short term?

How would you adjust your behavior in the long term?

If you decide not to buy this product again, what will you buy instead?

Analyze who will be more sensitive to price changes in what kind of products.

Please reply in question and answer format.

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