How would you determine if soap and shampoo are competitors

Reference no: EM13204590

Discuss the relevant elasticity for two of the following scenarios in separate posts. In your answer, comment on what determines that elasticity classification.

• Consider the demand for gasoline. When the price of gasoline increases by a relatively large amount, the quantity of gasoline purchased falls by a relatively small amount.

• Consider the market for cigarettes. When a 200% tax is imposed on the consumers of cigarettes, quantity demanded falls by 60%.

• Consider the demand for children. People who have higher incomes have fewer children on average. People with lower incomes have more children on average.

• Consider the market for soap. How would you determine if soap and shampoo are competitors?

Reference no: EM13204590

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