Tips ips SP24-ECON-2301-Exam-One Consider the following list containing several price elasticity demand determinants: • The availability of close substitutes • Whether a good is a luxury or necessity • How broadly the market is defined . The time horizon under consideration A good with no close substitutes is predicted to have relatively inelastic demand, since consumers cannot easily switch to a substitute good if the price of the good were to increase. The price elasticity of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods all have approximately the same price. Which of the goods has the most elastic demand? Gold jewelry OA liver for people on the transplant waiting list The price elasticity of demand for a good also depends on how the good is defined. Using the following table, organize the goods by indicating which you predict to have the most elastic demand, the least elastic demand, and the elasticity of demand that falls somewhere in between. Categories Most Elastic In Between Least Elastic Strawberries Food Produce The price elasticity of demand of a good is also impacted by the defined time horizon. If the price of gasoline is relatively high for a long time, consumers are more likely to buy more fuel-efficient cars or switch to alternatives like public elastic in the short run than in the long run. transportation. Therefore, the demand for gasoline is Save & Continue Continue without saving

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