determine the elasticity for various items. explain why that the elasticity is what you say it is.

Identify whether demand in the case of each of the following products is likely to be inelastic, elastic, or unit-elastic. a. a luxury item with many close substitutes b. an item that represents a large portion of consumers' incomes and has many close substitutes c. a necessity whose demand is being viewed in a short-run time frame d. a luxury item that represents a large portion of consumers' incomes