Problem 3.1 For each of the following products, indicate whether demand is likely to be elastic or inelastic by entering whether |e| 1.

(a) Superyachts _______

(b) Spotify subscription __________

(c) Milk _________

(d) Gasoline over 1 month ___________

(e) Rent over 2 years ____________

(f) Vegetables _______________

Problem 3.2. For each of the following products, indicate whether supply is likely to be elastic or inelastic by entering whether |e| 1 .

(a) __________ Manhattan Apartments over 5 years

(b) ___________ Manhattan Apartments over 1 years

(c) ____________ Cross-fit classes

(d) ___________ Diamonds

(e) ____________Roses

(f) Electric cars