Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:
Your initial discussion thread is due on Day 3 (Thursday) and you have until Day 7 (Monday) to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth of your responses. Reference the Discussion Forum Grading Rubric for guidance on how your discussion will be evaluated.
Elasticity
Elasticity
Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:
- bottled water
- toothpaste
- cookie dough ice cream
- fresh green beans
- gasoline
In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.