For each of the following products, explain whether demand is likely to be elastic or inelastic?
(a.) Cigarettes
(b.) Tacos
(c.) Gasoline
(d.) Milk
(e.) Honda Accord automobiles
(f.) Newspapers
A, c, d relatively inelastic. There are no substitutes available for those 3, so those that need them will buy them regardless of price. B, e, f have many substitutes, so those that want them can buy something similar if the price gets too high. Some might argue that cigarettes are elastic as people don't HAVE to smoke, but those that are addicted to smoking will buy them regardless of price. So I say inelastic.
- Why are Japanese products so pricey? When I went to Japan, everything they have on sale are so expensive (more expensive than the one in the USA). The only exception is their car. Honda, Toyota, Nissan.
- On a scale of 1 to 10, how would you rate the reliability of the following car brands? I'm not in the market for a new car, BTW, I'm just asking this question purely out of curiosity. Honda Mazda Subaru Volkswagen Volvo
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