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Title: For each pair of items below determine which product would have the higher price elasticity of deman Post by: Tidy on Jun 21, 2015 For each pair of items below determine which product would have the higher price elasticity of demand (in absolute value).
a. Insulin for a diabetic or aspirin for someone suffering a headache. b. A new Whirlpool 27 cu.ft. side-by-side refrigerator or electricity to power your all-electric home. c. A can of Red Bull or soft drinks in general. Title: Re: For each pair of items below determine which product would have the higher price elasticity of d Post by: Smoooth on Jul 29, 2015 a. The demand for the hair product is more price elastic (its elasticity has a higher absolute value) than the demand for blood pressure medicine. The latter is more necessity than luxury and has virtually no substitutes. There are substitutes for the Clairol hair coloring product and it is not a necessity.
b. The demand for a new car is more price elastic than the demand for a tank of gas for your current car. The Ford Fusion: (a) has many substitutes, including your current car and (b) will consume a relatively large portion of your budget. Gasoline for the car you own is more necessity than luxury. c. The demand for Seiko watches is more price elastic than demand for watches in general. Narrowly defined markets (such as the Seiko watch market) have many substitutes. Title: Re: For each pair of items below determine which product would have the higher price elasticity of deman Post by: Smoooth on Aug 31, 2015 No problemo :-]
Title: Re: For each pair of items below determine which product would have the higher price elasticity of d Post by: spriege on Sep 9, 2015 For each pair of items below determine which product would have the higher price elasticity of demand (in absolute value).
a. Insulin for a diabetic or aspirin for someone suffering a headache. b. A new Whirlpool 27 cu.ft. side-by-side refrigerator or electricity to power your all-electric home. c. A can of Red Bull or soft drinks in general. Help!! Title: Re: For each pair of items below determine which product would have the higher price elasticity of d Post by: bio_man on Sep 9, 2015 Answer is above :)
Title: Re: For each pair of items below determine which product would have the higher price elasticity of d Post by: spriege on Sep 10, 2015 NO it is not.! It is the wrong answer.
Title: Re: For each pair of items below determine which product would have the higher price elasticity of d Post by: bio_man on Sep 10, 2015 NO it is not.! It is the wrong answer. You're right. I will find the answer for you, will reply back. Title: Re: For each pair of items below determine which product would have the higher price elasticity of d Post by: bio_man on Sep 11, 2015 Content hidden
Title: Re: For each pair of items below determine which product would have the higher price elasticity of d Post by: spriege on Sep 11, 2015 Thank you soo much!!! !
Title: Re: For each pair of items below determine which product would have the higher price elasticity of d Post by: bio_man on Sep 12, 2015 You're very welcome.
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