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The demand for beer is elastic.

Beer is not a necessity good and therefore demand is highly affected by price. A good demonstration of this is the heavy summer price competition between manufacturers and the popularity of discount brands.

It's regulated by state taxes.
Beer is elastic because it is not a necessity for survival and because there are many substitutes for beer (ie red wine, champagne), demand is highly affected by price changes.

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โˆ™ 2011-08-22 02:06:46
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Q: Is the demand for beer elastic or inelastic?
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