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I. As per our elasticity class discussion, which one of the following two items has a lower elasticity value: Salt or Gasoline? Explain!!! II. Suppose

I. As per our elasticity class discussion, which one of the following two items has a lower elasticity value: Salt or Gasoline? Explain!!! II. Suppose that the oil cartel succeeded in reducing the supply of crude oil by 5% and suppose that the price elasticity of demand for crude oil is 0.10. What will happen to the equilibrium price of crude oil??? III. Identify products and/or services having elasticity values of one, zero, and infinity. Justify your answers

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