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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:
1)gasoline as a commodity
2)gasoline sold at a local gasoline station
3)Hotel rooms for people planning a vacation
4)Hotel rooms for people on business to meet an important client

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