For Each Pair of Items Below, Determine Which Product Would

question 281

Essay

For each pair of items below, determine which product would have the higher price elasticity of demand (in absolute value).
a. Blood pressure medicine for someone who has high blood pressure and the purchase of Clairol hair coloring product.
b. A new Ford Fusion or a tank of gas for your current car.
c. A Seiko watch or watches in general.

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