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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If good X has 7 substitutes and demand is inelastic, then if there are 9 substitutes for good X, will demand be elastic? Explain your answer.

To determine

Identify the elasticity of demand based on the number of substitutes.

Explanation

As there is an increase in the number of substitutes, an inelastic demand of a product does not move to elastic demand. As the substitutes increase with the other things being equal, it makes changes only on the values of price elasticity of demand. Assume an example, good X has price elasticity of 0...

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