Characterize the demands for the goods

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Q 1. Based solely on the information provided below, characterize the demands for the following goods as being more elastic or more inelastic.

a. A 45-cent box of salt that you buy once a year

b. A type of high-powered ski boat that you can rent from any one of a number of rental agencies

c. A specific brand of bottled water

d. Automobile insurance in a state that requires autos to be insured but has only a few insurance companies

e. A 75-cent guitar pick for the lead guitarist of a major rock band

Q 2. Many people who do not smoke cigars are bothered by the odor of cigar smoke. If private con-tracting is impossible, will too many or too few cigars be produced and consumed? Taking all costs into account, is the market price of cigars too high or too low?

Reference no: EM13742674

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