For each pair of price elasticities, which elasticity (in absolute value) is larger? Why?
a. The price elasticity for carbonated soft drinks or the price elasticity for Coca-Cola.
b. The price elasticity for socks (men’s or women’s) or the price elasticity for business suits (men’s or women’s).
c. The price elasticity for electricity in the short run or the price elasticity for electricity in the long run.