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How Elasticity Has Changed Over The Years

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Elasticity is a measure of a variable’s sensitivity to a change. Dairy use to be described as having a inelastic demand, which means that demand changed very little when the price increased or decreased. It was an example in my microeconomics class as a inelastic demand, but this article showed that that has changed over the years. The price now affects the demand of dairy. In past years a good amount of dairy product went to the United States, and prices were stable. Skim products were available and every so often the price of cheese would rise or fall. Because of cheese prices, prices for milk stayed within the same range. That made people believe that the demand was inelastic. But today the United States is not the best customer when it

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