watch the following youtube video “Elasticity of Demand – Micro Topic 2.3.” Describe, the relationship between elasticity of demand and
revenue. Think of some real-life examples (NOT mentioned in the video) that illustrate relative elastic, unit elastic, or relative inelastic
demand (pick an example for each term, so at least three examples total). Justify your choices. Is this concept applicable to all consumer
items or are there certain exceptions? Are there any examples of items that changed their elasticity? Explain. As for sources only use the
video.
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