Give one (or two) example of a commodity whose price of elasticity of demand is highly inelastic
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Give one (or two) example of a commodity whose price of elasticity of demand is highly inelastic. Have you seencertain practices (e.g.in pricing)that some suppliers (of that commodity) do to maximize profits. What do you think about those types of practices? Do you agree if the government intervenes, controls, or highly regulates the market of that commodity?Why?Any suggestions on what the government should do or not do?
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
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