The price elasticity of demand has been identified for nine markets: Salt: 0.1; Gasoline, short-run: 0.2; Gasoline, long-run: 0.7; Automobiles, long-run: 0.2; Chevrolet automobiles: 4; Coffee: 0.25; Restaurant meals: 2.3; Airline travel, short-run: 0.1; Airline travel, long-run: 2.4.
Which of the goods listed would be considered price elastic? Price inelastic? What do the goods that are price inelastic have in common? Can you explain why the price elasticity of demand for automobiles is 0.2 but the price elasticity of demand for Chevrolet automobiles is 4.0? Why is the long-run elasticity of demand for gasoline different from the short-run elasticity of demand?
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which of the goods listed would be considered price elastic price inelastic shortcut answers was first posted on July 18, 2020 at 1:20 pm.
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