Consider some determinants of the price elasticity of demand: • the availability of close substitutes • whether the good is a necessity or a luxury • how broadly you define the market • the time horizon being considered a good without any close substitutes is likely to have relatively elastic demand, since consumers cannot easily switch to a substitute good if the price of the good rises. 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

Consider the following scenarios. use what you have learned to decide if the goods and services being provided are individual, public, or merit goods. for each case, state what kind of good has been described and explain your answer using the definitions of individual, public, and merit goods. (6 points each) 1. from your window, you can see a city block that's on fire. you watch city firefighters rescue people and battle the flames to save the buildings. 2. while visiting relatives, you learn that your cousins attend a nearby elementary school that is supported financially by local property tax revenue. 3. you see a squadron of military jets flying overhead. 4. you find out that your aunt works for a defense manufacturing company that has several defense contracts with the government. she tells you that she works for a team that is producing a communications satellite. 5. your class visits a local jail run by a private, profit-making company that detains county criminals and is paid with tax revenue.

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Asmartphone manufacturing company uses social media to achieve different business objectives. match each social media activity of the company to the objective it the company achieve.