Define perfectly elastic and relatively elastic

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Reference no: EM131480630

Question: Characterize each of the following goods as perfectly elastic, relatively elastic, relatively inelastic, or perfectly inelastic.

a. a life-saving medication

b. photocopies at a copy shop, when all competing shops charge 10 cents per copy

c. a fast-food restaurant located in the food court of a shopping mall

d. the water bill you pay.

Reference no: EM131480630

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