Describe gasoline as a commodity

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Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity of a good and the availability of substitutes affect the price elasticity of demand in each of these specific cases: 

• Gasoline as a commodity 

• Gasoline sold at a local gasoline station 

• Hotel rooms for people planning a vacation 

• Hotel rooms for people on business to meet an important client

Reference no: EM13200826

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