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Please answer the following discussion questions listed below. Please provide references.
1) Price Elasticity of Demand
The price elasticity of demand shows the impact of price change on the product quantity demanded by the consumers. It is also product specific. In other words, the prices of some products are relatively inelastic to demand while those of others could be quite elastic to demand.
• Identify a product and explain the potential price elasticity of demand for this product. Justify your position with adequate details based on the research and analysis.
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