Identify 3 items in your life that are elasticand 3 items in your life that are inelastic. Explain why each item you picked is elastic or inelastic, using the determinants of elasticityfor each<\/p>
The determinants are:<\/p>
1. The availability of substitutes<\/p>
2. The proportion of income spent on the product<\/p>
3. Necessities versus luxuries<\/p>
4. The time period being considered<\/p>
<\/p>
Must be at least 200 words <\/p>", "transcribed_text": "", "related_book": { "title": "Exploring Economics", "isbn": "978-1439040249, 1439040249", "edition": "5th Edition", "authors": "Robert L Sexton", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/6344f1bbf1b22_230.jpg", "uri": "\/textbooks\/exploring-economics-5th-edition-9781439040249", "see_more_uri": "" }, "free_related_book": { "isbn": "1910047007", "uri": "\/textbooks\/kpi-checklists-1st-edition-978-1910047002-378811", "name": "KPI Checklists", "edition": "1st Edition" }, "question_posted": "2024-06-12 10:06:45", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-is-the-purpose-of-flashing-process-in-geothermal-power", "description": "What is the purpose of flashing process in geothermal power plants? 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