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Humans as well as all other life on earth cannot live without water. Using the concept of demand elasticity or inelasticity explain whether the demand
Humans as well as all other life on earth cannot live without water. Using the concept of demand elasticity or inelasticity explain whether the demand for water is
a) perfectly elastic or perfectly inelastic (explain why)
b) given your answer in 'a', explain why the distribution and prices of water for almost all US customers is regulated by a government agency
c) Identify one other consumable good that approaches the same type of demand as water. Explain why the demand for this good is similar to that of water.
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