Question

S OF MICRX + gastate viewing edg ing s Bookshellisinin & On Demand Korea temperame stodou 190503 & PAW Panther Ace to shell Online 6 0 Benelcary d b 2010 Ch 004 toyulding z! imit: 0:25:00 Time Left:0:06:50 Hanook Chi: Attempt 1 Which product is most likely to elastic? 23 milk housing clothing automobiles Question 2 (1 point) Saved Consider the demand curve above. If the area OABC is smaller than area ODEF, it suggests that if price increases from D to A, then total revenues of sellers will: o search Home End Prison

Answer 1

Milk will fall under inelastic as its price is low and it is consumed on daily basis. Therefore, it is less likely to be elastic.

Similarly, in case of housing it is necessary to have a home to stay therefore, it is also less likely to be elastic.

Clothing is also cheaper and to some extent necessary therefore less likely to be elastic.

Out of these options Automobile is most likely to be elastic.

Last option is correct. Automobiles.

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