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July 24, 2014

Homework Help: Economics

Posted by Student1 on Wednesday, November 23, 2011 at 3:21pm.

3. Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity of a good and the availability of substitutes affect the price elasticity of demand in each of these specific cases:

Gasoline as a commodity

Gasoline sold at a local gasoline station

Hotel rooms for people planning a vacation

Hotel rooms for people on business to meet an important client

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