Asked by Robert
4a. In the market for hand-made guitars, when the price of guitars is $800, annual revenues are $640,000. When the price falls to $700, annual revenues decline to $630,000. Over this range of guitar prices, is the demand for hand-made guitars elastic, unit-elastic, or inelastic? Why? Explain.
4b. Why is the demand for gasoline relatively inelastic, while the demand for Exxon’s gasoline relatively elastic?
4b. Why is the demand for gasoline relatively inelastic, while the demand for Exxon’s gasoline relatively elastic?
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