1. For each of the following products, which items would be more elastic and which would be more inelastic by describing each of the following: a) whether or not it is a large portion of the budget; b) whether the customer is typically able to postpone the decision to buy; c) whether there are many substitutes for the product as defined; d) whether the product is a necessity or a luxury.

salt

Wonderbread^TM

diamond necklace

car insurance

Coors beer