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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

For each of the following pairs of goods, which good would you expect to have more elastic demand and why?

a. required textbooks or mystery novels

b. Beethoven recordings or classical music recordings in general

c. subway rides during the next 6 months or subway rides during the next 5 years

d. root beer or water

Subpart (a):

To determine
Classifying the goods as elastic and inelastic.

Explanation

Mystery novels have a more elastic demand than required notebooks. This is because the required notebooks is a necessity good with no close substitutes with its elasticity less than 1, whereas mystery novels is a luxury good with elasticity greater than 1 and has close substitutes...

Subpart (b):

To determine
Classifying the goods as elastic and inelastic.

Subpart (c):

To determine
Classifying the goods as elastic and inelastic.

Subpart (d):

To determine
Classifying the goods as elastic and inelastic.

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