Consider the following pairs of goods. Which would you expect to have the more elastic demand? Why?
a. water or diamonds
b. insulin or nasal decongestant spray
c. food in general or breakfast cereal
d. petrol over the course of a week or petrol over the course of a year
e. personal computers or IBM personal computers

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The Answer of Consider the following pairs of goods. Which would you expect to have the more elastic demand? Why?
a. water or diamonds
b. insulin or nasal decongestant spray
c. food in general or breakfast cereal
d. petrol over the course of a week or petrol over the course of a year
e. personal computers or IBM personal computers

Consider the Following Pairs of Goods