Question: Homework 5 - Elasticity (10 pts-7 questions, some multi-part) Based on the determinants of elasticity as discussed in the text, compare the price elasticity for

Homework 5 - Elasticity (10 pts-7 questions, some multi-part) Based on the determinants of elasticity as discussed in the text, compare the price elasticity for each set of goods. In other words, which good in each pair is relatively more elastic and which is relatively less elastic. Be sure to explain your reasoning for each answer. (a) soda pop vs. Pepsi (b) tooth brushes vs. cookies (c) rent today vs. rent in the future (d) an oven vs. a diamond bracelet. (e) laundry detergent or Bounty brand paper towels (f) groceries vs. meals at a fancy restaurant (g) A pack of gum vs. a new couch

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