Determine whether demand for product is inelastic or elastic

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Reference no: EM13819009

Select a product that has recently undergone a price change.

Discuss how this price change affects the economy in the short and long term, contrasting the economic effects between the two time frames.

Determine whether the demand for product is inelastic or elastic in the short and long term, and explain your reasoning.

Reference no: EM13819009

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