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which is more elastic 1. electricity or restaurant meals? 2 basic cable or premium cable? 3...

which is more elastic
1. electricity or restaurant meals?
2 basic cable or premium cable?
3 toothpaste or cruise ship vacations?

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Answer #1

Restaurant meal because it has more substitutes so that the consumer is more price responsive. Electricity has literally no substitute so it demand will be highly inelastic

Premium cable because basic cable represents a necessity for which the consumers are less price responsive. Premium cable can be considered as a luxury for which any change in the price will bring a greater change in the sales, making its demand highly elastic

Cruise ship vacations because toothpaste is again a necessity which has a lower price responsiveness. Cruise ship vacations represent luxury for which price responsiveness is greater and hence the demand is elastic.

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