need urgent help with my economics HW

4 . Determinants of the price elasticity of demand

Consider some determinants of the price elasticity of demand:

  A good without any close substitutes is likely to have relatively ( Elastic/ Inelastic) demand, because consumers cannot easily switch to a substitute good if the price of the good rises.

Choose the correct options from the underlined options.

A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the Most elastic demand?

· A heart valve for heart attack victims

· Sports car

Price elasticity for a good depends on the share of a consumer's budget spent on a good. Other things being equal, which of the following goods has the Most elastic demand?

· Monthly cell phone bill

· Thumbtacks

· Toothpaste

The price elasticity of demand for a good also depends on how you define the good.

Organize the goods found in the following table by indicating which is likely to have the most elastic demand, which is likely to have the least elastic demand, and which will have demand that falls in between.

The price elasticity of demand is also affected by the given time period, sometimes called the time horizon. 

Compared to the short-run demand for oil, the demand for oil in the long run will tend to be ( Less/ More/ No More nor Less) elastic.

Choose the correct options from the underlined options.