The Price Of Classical Recordings - 1235 Words

1. For each of the following pair of goods, which good would you expect to have more elastic demand and why? †¢ Mystery novels are elastic demand than required textbooks. If the price of required textbooks rose, students would have little choice but to pay the higher price. You can substitute a mystery novel, while required textbooks are a necessity with no close substitutes. If mystery novels price rise, readers would substitute other types of novels, or choose not to purchase at all. Quantity demanded of required textbooks is less responsive to price than the quantity demanded of mystery novels. †¢ Beethoven recordings are elastic demand than classical music recordings. Beethoven recordings are a slighter market than classical music recordings, finding a substitute is easier. If the price of Beethoven recordings rose, people would substitute other classical recordings. If the price of all classical recordings were to rise, substitution would be more difficult based off of choices or selections today. The quantity demanded of classical recordings is less responsive to price than the quantity demanded of Beethoven recordings. †¢ For subway travelers, the price elasticity of demand when the price of tickets rises in six months verses five years. If the prices were to rise the consumer would substitute mode of transportation depending on all variables such as gas prices and car prices. †¢ Root beer has more elastic demand than water. Root beer is a luxury with closeShow MoreRelatedThe Life of Florence Beatrice Smith Price Essay803 Words   |  4 PagesFlorence Beatrice Smith Price was born April 9, 1887 in Little Rock, Arkansas to James and Florence Smith. Her father was a dentist and her mother had numerous careers working as a piano teacher, school teacher, and businesswoman. She had two siblings who both knew how to play the piano. 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