Due on jun 17 at 11:59 PM EDT ack to Assignment Attempts: Score: 13 5. Problems

Question

Due on jun 17 at 11:59 PM EDT ack to Assignment Attempts: Score: 13 5. Problems and Applications Q1 For each of the following pairs of goods, which good would you expect to have more elastic demand. Pairs of Goods Required textbooks or mystery novels Beethoven recordings or classical music recordings in general Subway rides during the next 6 months or subway rides during the next 5 years Root beer or water More Elastic Demand Required textbooksY Classical music recordings Subway rides during th Root beer Save & Continue Continue without saving

Explanation / Answer

Demand is elastic if demand of goods decreases more drastically with increase in price. It is basically the fluctuation in demand due to fluctuations in price.
More Elastic demand for mystery novels. (Because demand of required textbooks won't decrease much with increased price but mystery novels is part of hobbies)
More Elastic demand for Beethoven recordings as they are specific part of classical music. This music will have substitutes.
More Elastic demand for Subway rides for next 5 years because longer duration will have more rice elasticity and number of other alternatives modes of transportation might come up in few years
More Elastic demand for root beer because water is more essential commodity and they have relatively inelastic demand. Root beer has many alternative options.

Best of Luck. God Bless

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