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Elasticity

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Elasticity Paper
According to Investopedia (2014), Elasticity is defined as, “A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which individuals (consumers/producers) change their demand/amount supplied in response to price or income changes.” This paper will reflect on a multitude of things such as why some products become substitutes, why some are complements as well as provide examples of each.
Substitution
The product that our group chose to reflect on in this paper, is a car. There are a multitude of other ways that people commute back in forth besides using a car, some examples include: motorcycle, truck, SUV, bike, train, airplane, and boat. There are different reasons as to why people change the way the commute. Some people have more than one way of which they get around.
Motorcycles can be used to get around but most people like to use them on their free time and enjoy the weather when riding them. Trucks and SUV's can be expensive when it comes to gas but are great to use in the winter storms. A bike can save a person a lot of money because they do not have to pay for gas or repairs but really is only used for short distances and exercise. Trains can be used if someone does not own a car or to travel longer distances. Boats/ships are used for cruises for vacations or you can buy a boat for your free time. Airplanes are used for far distance trips or vacations. Each substitute has advantages and disadvantages to them and people need to decide which is best for their everyday life or for what or where they are planning to go.
Other substitution of a car of getting around would be the bus systems, walking, shuttle van, ferry. These forms of transportation would depend upon what part of the state, the country you live in, and it could also depend on your

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