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5. Which of the following statements is (are) correct? (x) Insulin for insulin-dependent diabetics tends to have an inelastic demand because there are not many close substitutes for insulin and insulin is considered by some to be a necessity (y) The demand for strawberry ice cream is less elastic than the demand for ice cream because there are less substitutes for strawberry ice cream than ice cream. (z) If a good is a luxury, demand for the good would tend to be elastic and the demand curve for the good would tend to be relatively flat. A. (x), (y) and (z) В. (x) and (y) only С. (x) and (z) only D. (y) and (z) only E. (x) only

5. Which of the following statements is (are) correct? (x) Insulin for insulin-dependent diabetics tends to have an inelastic demand because there are not many close substitutes for insulin and insulin is considered by some to be a necessity (y) The demand for strawberry ice cream is less elastic than the demand for ice cream because there are less substitutes for strawberry ice cream than ice cream. (z) If a good is a luxury, demand for the good would tend to be elastic and the demand curve for the good would tend to be relatively flat. A. (x), (y) and (z) В. (x) and (y) only С. (x) and (z) only D. (y) and (z) only E. (x) only

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 6PA: Suppose that your demand schedule for DVDs is as follows: Price Quantity Demanded (income = 10,000)...
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5. Which of the following statements is (are) correct? (x) Insulin for insulin-dependent diabetics tends to have an inelastic demand because there are not many close substitutes for insulin and insulin is considered by some to be a necessity (y) The demand for strawberry ice cream is less elastic than the demand for ice cream because there are less substitutes for strawberry ice cream than ice cream. (z) If a good is a luxury, demand for the good would tend to be elastic and the demand curve for the good would tend to be relatively flat. A. (x), (y) and (z) В. (x) and (y) only (x) and (z) only (y) and (z) only E. (x) only
Transcribed Image Text:5. Which of the following statements is (are) correct? (x) Insulin for insulin-dependent diabetics tends to have an inelastic demand because there are not many close substitutes for insulin and insulin is considered by some to be a necessity (y) The demand for strawberry ice cream is less elastic than the demand for ice cream because there are less substitutes for strawberry ice cream than ice cream. (z) If a good is a luxury, demand for the good would tend to be elastic and the demand curve for the good would tend to be relatively flat. A. (x), (y) and (z) В. (x) and (y) only (x) and (z) only (y) and (z) only E. (x) only
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