Answer to Question #112228 in Microeconomics for Rayan haidar

Question

Who have higher price elasticity , gasoline or lamburghini cars?

Answer 1

lamburghini cars have more elasticity than gasoline.

gas is essential for everyday life and commerce, and lamburghini cars are a luxury item.

with an increase in the price of gasoline, demand will hardly change, and with an increase in the price of lamburghini cars, its demand will fall.