a. What are the major determinants of price elasticity of demand? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s) click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box inferior goods and normal goods 2 Substitutability 7 Excise taxes 2 Availability of complementary goods ? Luxuries versus necessities ? Time 2 Proportion of income b. Use those determinants and your own reasoning in judging whether demand for each of the following products is probably elastic or inelastic: Bottled water: (Click to select) Toothpaste: (Click to select) b. Use those determinants and your own reasoning in judging whether demand for each of the following products is probably elastic or inelastic: Bottled water (Click to select) Toothpaste: (Click to select) Crest toothpaste: (Click to select) Ketchup: (Click to select) Diamond bracelets: (Click to select) Microsoft's Windows operating system: (Click to select)

Price helps in determining elasticity. Other factors include income position and cover vacuity. It measures how demand shifts when profitable factors change.

Numerous factors determine the demand elasticity for a product, including price situations, the type of product or service, income situations, and the vacuity of any implicit backups. High-priced products frequently are largely elastic because, if prices fall, consumers are likely to buy at a lower price.

From the question, the answers are given:

1) Determinants of price elasticity of demand are - Substitutability, Proportion of income, Luxuries versus necessities, and Time.

2) Bottled water: Elastic

Toothpaste: Inelastic

Crest toothpaste: Elastic

Ketchup: Inelastic

Diamond bracelets: Elastic

Microsoft's Windows operating system: Inelastic

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