Hey guys so I'm just doing some revision on elasticities during the half term because I missed a few lessons on it so I'm a little behind.
I came across a worksheet and says the following items price increases by 30% and i was wondering whether the following would be elastic or inelastic and how much e.g relatively or very etc.
Ive put my answer next to it.
Could someone please check these or correct these for me.
Any help is appreciated. Thanks in advance.
Football tickets for Chelsea. - (would be relatively elastic) - because it is a luxury good
All Sony Electrical goods- (relatively elastic) - many substitutes
Fresh raspberries - relatively inelastic ? kind of a necessity and doesn't have that many substitutes ?
Not sure about the last one
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- Thread Starter
- 28-10-2015 14:32