1. Identify the products/services, whether their demand is elastic or inelastic, and briefly explain each demand.
2.  
3. If you are selling/providing each of these products/services, would you raise its price or lower it to increase the total revenue for each product/service? Please also briefly explain.
5. The demands for these products have different income elasticity as well. Please categorize them according to income elasticity, whether it is an inferior or normal (necessity or luxury) good. Please provide a brief explanation.

Products:

2. Legal service
4. Fast food
6. New vehicles
8. Used vehicles
10. Lawn-care service
12. Milk (not about the brands)
14. Gasoline
16. Cigarettes
18. Lottery tickets

Instructions:

1. 
   

Answer rating: 100% (QA)

ProductsServices 1 Legal service Demand Elasticity Inelastic Explanation The demand for legal services is generally inelastic because it is often considered a necessity when individuals require legal ... View the full answer