Answer to Question #322546 in Macroeconomics for thomas

Question

For each of the following pairs goods, which good would you expect to have more elastic demand and why? a) Required textbooks or mystery novels b) Beethoven recordings or classical music recordings in general. 

Answer 1

a) Required textbooks or mystery novels - mystery novels because a change in price will result in a greater change in demand

b) Beethoven recordings or classical music recordings in general - Beethoven recordings because a change in price will result in a greater change in demand