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It is very difficult to find goods with perfectly elastic or perfectly inelastic demand. We can, however, find goods that lie near these extremes. Characterize demands for the following goods as being near perfectly elastic or near perfectly inelastic? a.

It is very difficult to find goods with perfectly elastic or perfectly inelastic demand. We can, however, find goods that lie near these extremes. Characterize demands for the following goods as being near perfectly elastic or near perfectly inelastic?
a. Corn grown and harvested by a small farmer in Iowa
b. Heroin for a drug addict
c. Water for a desert hiker
d. One of several optional textbooks in a pass-fail course

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a The demand for com is near perfectly elastic Individuals change the demand for corn due to chang…View the full answer


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Economics Today

Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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Posted Date: August 01, 2016 12:46:50
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