due Sep 17 at 11pm Discussion 2: Do These Make Sense? 63 63 Price Elasticity of Demand Selected Price Elasticities of Demand Price Elasticity Product or Service Price Elasticity of Demand (E.) Product or Service of Demand (E.) Newspapers Milk Electricity ( household) Household appliances Bread MLB tickets 23 Movies Telephone service 28 Beer 90 Cigarettes 25 Shoes .91 Sugar 30 Motor vehicles 1.14 Medical care Beef 1.27 Eggs 32 China, glassware 1.54 Legal services 37 Residential land 1 60 Automobile repair 40 Restaurant meals 2.27 Clothing Lamb and mutton 2.65 Gasoline 60 Fresh peas 2.83 Consider the PEODs listed above. What can you conclude about the relative price elasticities of demand for automobile repair, gasoline, and motor vehicles? Which has the more elastic demand, and why? (Think about this in terms of PEOD) Secondly, consider the price elasticity of demand for MLB tickets, and for two others entertainment products, movies and restaurant meals. Which of these has the more price elastic demand compared with the others, and why? (Again, think in terms of the determinants of PEOD). You earn five (5) points for responding thoughtfully to the prompt; one (1) point for each of two responses to classmates' posts (or to mine); and three (3) points for being present on more than one date. As always, any response that seems to quote too extensively from your text OR from any other source will receive NO points. I look forward to reading your posts