take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. Gasoline, College textbooks, Coffee, Airline tickets, Concert tickets, Soft drinks, Medical procedures.

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A: (Q)Why do business people need to know the importance of price elasticity of demand for the products…

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A: The answer is as follows:-

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A:

Q: What is the price elasticity of demand for subway rides?

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A:

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