(Solved): Consider the following list containing several price elasticity of demand determinants: - The avail ...

Consider the following list containing several price elasticity of demand determinants: - The availability of close substtutes - Whether a good is a luxury or necessity - Hew broadly the market is defined - The time horizon under consideration A good in the presence of many close substitutes is predicted to have rebativaly purchase one of the close substitutes if the price of the good were to increase. demand, since consumers can easily choose to The price elazticty of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods all have. approximately the same grice. Which of the goods has the most elastic demand? A liver for people on the transplant wating list Swif-delving cars The peice ebaticity of demand for a good also depends en how the good is defined. Uing the following table, organze the goser by indicabing which you preditt te have the most earee denund, the least eiasts denund, and the eiratieby of semend that fally somew bere in berween. A good in the presence of mamy dose substitutes is predicted to have relatively dertand, since consumers can exsily choose to purchase one of the close sulstizutes if the price of the good were to increase. The price elasticity of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods all have approximately the same price. Which of the goods has the most elastic demand? A liver for people on the transplant waiting list Self-driving cars The price elasticity of demand for a good also depends on how the good is defined. Using the following table, organize the goods by indicating which you predict to have the most elastic demand, the least elastic demand, and the elasticity of demand that falls somewhere in between. The price elasticity of demand of a good as also impocted by the defined time harison. If the price of gasoline is colabively, high for a long time, consumars ace more likely to buy more fualsefficient cart or aviteh to a hemativer like public tansportation. Therofore, the demand for gascing if ilatie io the ahert run than in the long run.