Is demand for your cds elastic or inelastic

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Q. For each of following goods, indicate where you expect demand to be inelastic or elastic and explain your reasoning: opera: elastic (many substitute entertainments, a luxury) foreign travel: elastic (local, national travel are substitutes, a luxury) local telephone service: elastic (everyone has a cell phone) DVD rentals: elastic (many substitute entertainments) eggs: inelastic (no close substitutes, a staple food).

You observe a positive relationship between price that your store charges for CDs and total revenue from CDs. Is demand for your CDs elastic or inelastic?

Reference no: EM1369158

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