Econ

Econ
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  • Bobby goes into Walmart to buy taco meat for his monthly Taco Tuesday family meal. He purchases two pounds of ground beef for $7.57. 
  • That will be $7.57, Thanks for buying. Have a nice day!
  • The next month he goes back to Walmart and sees that the two pounds meat is now $10.25. Bobby then decides to go home and cancel Taco Tuesday and have a "Pizza Tuesday" night instead.
  • That'll be $10.25, please.
  • What?!?! It was only $7.57 last month. I can’t afford that! I'm cancelling Taco Tuesday
  • So, in conclusion, total revenue for that type of meat package has now decreased because of the dramatic increase in price, making the quantity of demand elastic due to food replacement options (substitutions). 
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