Reference no: EM132232442

For each characteristic below, write "more elastic" or "less elastic" beside each blank, depending on how that characteristic would affect the own price elasticity of demand for a given good.  Remember the concept of ceteris paribus.

Note: "more elastic" is the same thing as "less inelastic" and "less elastic" is the same thing as "more inelastic"

a) a greater percentage of your household budget ___________________________

b) a longer time elapsed since the change in price ___________________________

c) a larger number of substitutes ___________________________