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Consider the demand for products given below, from a. to d. a.Hand made leather shoes b.Bottled water c.Prescription medicine for a terminal illness d.Sugar candy
Consider the demand for products given below, from a. to d.
a.Hand made leather shoes
b.Bottled water
c.Prescription medicine for a terminal illness
d.Sugar candy sold in a street market
For each one of them:
i.Identify whether the demand is perfectly elastic, relatively elastic, perfectly inelastic or relatively inelastic
ii.Give reasons. You must use at leastone determinant of elasticityin each of your answers
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