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Again that's going to generate an elasticity that changes over based on the firm's position in the market and therefore generates variable markups.
I think Gopinath, Istkhoki and Rigobon, is a very nice implementation of that demand structure to generate incomplete passthrough.
Getting toward the end, but I want to just quickly note again that, in addition to, variable markups generating incomplete passthrough, variable marginal costs can generate incomplete passthrough.
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