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  • Kathryn Longstaff

    Lesson 8.6.2 Part one- section B

    Directions: Answer the following questions.

    1. Which of the two items – gasoline and restaurant meals – would be the most inelastic?
    2. What factors make your choice more inelastic than the others?

     

    Directions: Confirm the prices elasticities of gasoline and restaurant meals at the following website: https://http://www.mackinac.org/1247

    1. What is the price elasticity of short-run gasoline in this article?
    2. What is the price elasticity of restaurant meals?
    3. Does this confirm what you have learned about price elasticity?
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