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Unformatted text preview: or activities to go, if coffee is too expensive, people decides to drink tea, if margarine is cheaper than butter, people will consume more of margarine, and so on. Examples of inelastic products or services we have: soap, milk, gasoline, salt, oil, electricity, water, urban transportation, or healthcare. Those are categorized as inelastic because no matter the prices, consumer will always pay for those products or services, means that the demand remains the same....
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This note was uploaded on 02/28/2012 for the course ECON EC311 taught by Professor Zahid during the Spring '12 term at ITT Tech San Dimas.
- Spring '12