Elasticity

Electricity has seen a decrease in demand of 14%, while the price has increased 18%

• 1.3 inelastic

• 1.3 elastic

• .78 inelastic

• .78 elastic

Prada has seen a increase in demand of 70%, while the price has decreased 35%

• .5 inelastic

• .5 elastic

• 2 inelastic

• 2 elastic

Wheat has seen a decrease in demand of 5%, while the price has increased 7%

• 1.4 inelastic

• 1.4 elastic

• .71 inelastic

• .71 elastic

Oil has seen a decrease in demand of 9%, while the price has increased 13%

• 1.44 inelastic

• 1.44 elastic

• .69 inelastic

• .69 elastic

Water has seen an increase in demand 8% this summer, while the price has decreased 12%

• 1.5 inelastic

• 1.5 elastic

• .67 inelastic

• .67 elastic

164,000 New York Giants Jerseys were sold in 2006 at a price of $65. 10,000 New York Giants Jerseys were sold in 2018 at a price of $80.

• .24 inelastic

• .24 elastic

• 4.1 inelastic

• 4.1 elastic

In Covington, VA 1,700 frozen turkeys were sold in 2016 at an average price of $17. In Covington, VA 1,500 frozen turkeys were sold in 2017 at an average price of $27.

• 4.98 inelastic

• 4.98 elastic

• .2 inelastic

• .2 elastic

The medication known as insulin has seen a decrease in demand of 2%, while the price has increased 10%

• 5 inelastic

• 5 elastic

• .2 inelastic

• .2 elastic

Ford Trucks have seen a increase in demand of 27%, while the price has decreased 15%

• .56 inelastic

• .56 elastic

• 1.8 inelastic

• 1.8 elastic

If the cross price elasticity of two goods is 2.5, then the goods are

• Substitutes

• Complements

• Inferior

• Normal