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15 July, 17:20

Why would a good have elastic demand? Inelastic demand?

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  1. 15 July, 18:14
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    Many factors can influence if a good has an elastic or inelastic demand such as price. Let's use price as an example. Let's say that I am selling a good X at 10 dollars and in a given week I sell 200 items of the good X. If on the following weeks I test a higher price or even a lower price and the demand keeps the same we can say that the product could be inelastic.
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