Answer to Question #161690 in Microeconomics for zoey

Question

 Use the price elasticity of supply concept and your own reasoning to judge

      whether the supply for each of the following products is either elastic or

      inelastic:

      (i)  Gold                                                                  

      (ii) Testing kits for Covid 19                                                                     

      (iii) Handphone                                                                         

      (iv) Moderna COVID 19 vaccine 

Answer 1

(i) Gold- inelastic

(ii) Testing kits for Covid 19- elastic

(iii) Handphone- elastic

(iv) Moderns COVID 19 vaccine- inelastic