The availability of substitutes affect the price elasticity

Reference no: EM13196903

Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity good and the availability of substitutes affect the price elasticity of demand in each of these specific cases:

1)gasoline as a commodity

(2)gasoline sold at a local gasoline station

3)Hotel rooms for people planning a vacation

4)Hotel rooms for people on business to meet an important client

Reference no: EM13196903

Questions Cloud

How long will it take for them to be 4000 miles apart : two planes leave chicago at the same time in opposite directions. if one travels at 450 miles per hour and the other travels at 550 miles person hour how long will it take for them to be 4000 miles apart.

State what was the theoretical yield octanol under condition : What was the theoretical yield of 1-octanol under these conditions? Nancy was surprised to find that her gas chromatogram of the product mixture contained more residual 1-octene and more trialkylborane than was observed by the other students in he..

What values in the denominator must we be mindful of : In your own words, what are rational expressions? Why must we always be mindful of the final value of the denominator in a rational expression? For example, consider the rational expression 3x/(x2 - 16). What values in the denominator must we be m..

Use a binomial distribution for the random variable x : In each situation below, is it reasonable to use a binomial distribution for the random variable X? Give reasons for your answer in each case.

The availability of substitutes affect the price elasticity : Include how the necessity of a good and the availability of substitutes affect the price elasticity of demand in case of gasoline as a commodity.

How does one obtain the box of largest volume : one square from the corner on the left, one from the middle of the edge, and two (side by side) from the corner on the right, to make a "lip" for the box. How does one obtain the box of largest volume?

How is the distance between the ships changing : At noon, ship A is 20 miles due west of ship B. Ship A is sailing west at 15 mph and ship B is sailing north at 22 mph. How fast (in mph) is the distance between the ships changing at 5 PM?

For how many seconds will the ball be going upward : Use a(t) = -32 feet per second squared as the acceleration due to gravity. A ball is thrown vertically upward from the ground with an initial velocity of 56 feet per second. For how many seconds will the ball be going upward?

Explain if the temperature and pressure are kept constant : If the temperature and pressure are kept constant during the process, how many liters of chlorine must be with titanium to produce

User Account

All Pages