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Identify three separate things that you personally have purchased in the past month. Now, for each of those goods answer this question: If the price had been 50% higher would I still have bought that thing? Or would I have said "No, I won't pay this higher price."

Now, tie your answers to what you know about elasticity. Was your demand for these products elastic or inelastic (remember if the price was higher and you'd buy the same amount your demand is inelastic.) What was it about each of these products that made your demand for them elastic or inelastic?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9481286

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