1. For each of the
following products, explain
why you
think demand for them is likely to be elastic or
inelastic.
a.
Cigarettes
b.
Tacos
c.
Gasoline
d.
Milk
e.
New Honda
Accords
f.
Newspapers
2. Fill in the
missing values from the following table:
( fill the
lowercase letters: a, b, c, d, e )
Demand for
%ΔP
%ΔQ
E
Ben & Jerry’s
+10%
-12%
a.
Beer at football
game
-20%
b.
-.5
Broadway tickets
c.
-15%
-1.0
Chicken...