How a higher price and a lower price affect consumers, Microeconomics

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How a higher price and a lower price affect consumers

Problem

Define the concept of elasticity. Explain how a higher price and a lower price affect consumers and producers. Share how the changes of price for elastic good and an inelastic good you use regularly have affected your purchasing and lifestyle.

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Microeconomics: How a higher price and a lower price affect consumers

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Microeconomics: How a higher price and a lower price affect consumers

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