Based solely on the information provided below, characterize the demands for the following goods as being more elastic or more inelastic. A 45-cent box of salt that you buy once a year A type of high-powered ski boat that you can rent from any one of a number of rental agencies A specific brand of bottled water Automobile insurance in a state that requires autos to be insured but has only a few insurance companies A 75-cent guitar pick for the lead guitarist of a major rock band

Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
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Based solely on the information provided below, characterize the demands for the following goods as being more elastic or more inelastic.

  1. A 45-cent box of salt that you buy once a year
  2. A type of high-powered ski boat that you can rent from any one of a number of rental agencies
  3. A specific brand of bottled water
  4. Automobile insurance in a state that requires autos to be insured but has only a few insurance companies
  5. A 75-cent guitar pick for the lead guitarist of a major rock band
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