• Take a luxury car
• Describe the expected demand and supply curve, do you think the market is in equilibrium
• What do you expect the elasticity to be and why.

*Provide references as well*

Answer rating: 100% (QA)

Answer For a luxury car the expected demand and supply curves would typically exhibit certain characteristics Demand Curve The demand curve for a luxury car is likely to be downward sloping but relati... View the full answer