Question: what are the major determinants of price elasticity of demand...
What are the major determinants of price elasticity of
Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers.
|Proportion of income|
|Luxuries versus necessities|
|Availability of complementary and substitute goods|
|Inferior goods and normal goods|
Use those determinants and your own reasoning in judging whether demand for each of the following products is elastic or inelastic:
a. Bottled water (Click to select)Insufficient data to determineInelasticElastic
b. Toothpaste (Click to select)Insufficient data to determineInelasticElastic
c. Crest toothpaste (Click to select)InelasticElasticInsufficient data to determine
d. Ketchup (Click to select)ElasticInelasticInsufficient data to determine
e. Diamond bracelets (Click to select)Insufficient data to determineElasticInelastic
f. Microsoft's Windows operating system (Click to select)InelasticInsufficient data to determineElastic