Textbook prices have doubled and risen faster than average prices for the past two decades. Sixty percent of students do not buy textbooks. Some students hunt for used copies and sell them back at the end of the semester; some buy online, which is often cheaper than the campus store; some use the library copy and wait till it’s free; some share the book with a classmate.
Explain what this news clip implies about
a. The price elasticity of demand for college textbooks.
b. The income elasticity of demand for college textbooks.
c. The cross elasticity of demand for college textbooks from the campus bookstore with respect to the online price of a textbook.