ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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i need help with this microeconmics question 8

A good without any close substitutes is likely to have relatively
demand, since consumers cannot easily switch to a substitute good if
the price of the good rises.
The price elasticity of demand for a good depends on the price of the good relative to consumers' incomes. Which of the following goods has the most
elastic demand?
Swing set
Coffee
Car
Shoes
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Transcribed Image Text:A good without any close substitutes is likely to have relatively demand, since consumers cannot easily switch to a substitute good if the price of the good rises. The price elasticity of demand for a good depends on the price of the good relative to consumers' incomes. Which of the following goods has the most elastic demand? Swing set Coffee Car Shoes
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