For each of the following pairs of goods, which good would you expect to have more elastic
Question:
For each of the following pairs of goods, which good would you expect to have more elastic demand and why?
a. Required textbooks or mystery novels
b. Billie Eilish recordings or pop music recordings in general
c. Subway rides during the next six months or subway rides during the next five years
d. Root beer or water.
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a Mystery novels have more elastic demand than required textbooks because mystery novels have close substitutes and are a luxury good while required t...View the full answer
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