Help concerning my economics assignment

4 . Determinants of the price elasticity of demand

Consider some determinants of the price elasticity of demand:

A good with many close substitutes is likely to have relatively ( elastic, inelastic) demand, because consumers can easily choose to purchase one of the close substitutes if the price of the good rises.

Is it elastic or inelastic?

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 least elastic demand?

· Yacht

· Chemotherapy for cancer patients

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?

· Computer

· Laundry detergent

· Salt

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. 

Other things being equal, the demand for natural gas will tend to be ( less, more, no less nor more) elastic in the short run than in the long run.

What is the Correct answer from the underlined options?