commodities that are viewed as luxuries typically


Commodities that are viewed as luxuries typically have price elastic demand, and commodities that are requirements have price inelastic demand.  There is easily no substitute for a insulin, if you are an insulin dependent diabetic.  Because insulin is a need for which there is no substitute, the demand will be price inelastic.

 

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Microeconomics: commodities that are viewed as luxuries typically
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