Elasticity

Elasticity

Analyze the determinants of the price elasticity of demand and determine if each of the following products  are elastic or inelastic: 

 

• bottled water
• toothpaste
• cookie dough ice cream
• fresh green beans
• gasoline

 

In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.