Explain which family has unit elastic demand for restaurant

Reference no: EM13456144

It is an important tradition in the Santos family that that they eat the same meal at their favorite restaurant every Sunday. By contrast, the Chen family spends exactly $50 for their Sunday meal at whatever restaurant sounds best.

a) Which family has a more elastic demand for restaurant food?

b) Which family has a unit elastic demand for restaurant food? (Hint: How would each family respond to an increase in food prices?)

Reference no: EM13456144

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