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?

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One example of a commodity with highly inelastic demand is gasoline People tend to still buy gasolin... View the full answer