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Question 4 explain the following statements to a non-economist: a. ifPrice elasticity of demand for insulin is perfectly inelastic. b. ifThe cross-price elasticity for bottled

Question 4

explain the following statements to a non-economist:

a. ifPrice elasticity of demand for insulin is perfectly inelastic.

b. ifThe cross-price elasticity for bottled water in New Mexico is elastic.

c. if college credits in New York is inelastic.

d. ifThe price elasticity of supply for craft beer in California is elastic.

e. ifThe income elasticity of demand for cornea transplant in Louisiana is inelastic. It is however elastic in Honduras.

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