Question

Navigate to the threaded discussion and rank the following list from most (1) to least (7) elastic:

A.Beef

B.Salt

C.European vacation (the event, not the movie)

D.Steak

E.Season 1 of the “I Love Lucy” show on DVD

F.Honda Accord

G.Dijon mustard

In one paragraph, give a rational for listing a-g above in the order you have chosen.

Answer 1

RANKING FROM MOST TO LEAST ELASTIC-

1. F. Honda Accord

2. C.European vacation (the event, not the movie)

3. E.Season 1 of the “I Love Lucy” show on DVD

4. G.Dijon mustard

5. D.Steak

6. A.Beef

7. B.Salt

Elasticity is the responiveness or change in quantity demanded due to change in price. hence for the above goods that are either luxary or not essential has higher elasticity compare to that of goods which are necessary and purchase of which cannot be delayed.