Assume a seller of Philly Cheesesteak sandwiches finds out that the elasticity of demand for their product in Tucson is 1.8. What is the best explanation of why this elasticity is what it is? Question 3 options: There are very few close substitutes for Philly Cheesesteak sandwiches in Tucson There are many close substitutes for Philly Cheesesteak sandwiches in Tucson Philly Cheesesteak sandwiches are considered a necessity in Tucson Philly Cheesesteak sandwiches are a category and therefore have a more inelastic demand. Philly Cheesesteak sandwiches are a very small part of a Tucsonan's budget

Elasticity is measured as percentage change in quantity divided by Percentage change in price. The…

Answered: Assume a seller of Philly Cheesesteak…

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 8QFR

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Assume a seller of Philly Cheesesteak sandwiches finds out that the elasticity of demand for their product in Tucson is 1.8. What is the best explanation of why this elasticity is what it is?

Question 3 options:

	There are very few close substitutes for Philly Cheesesteak sandwiches in Tucson
	There are many close substitutes for Philly Cheesesteak sandwiches in Tucson
	Philly Cheesesteak sandwiches are considered a necessity in Tucson
	Philly Cheesesteak sandwiches are a category and therefore have a more inelastic demand.
	Philly Cheesesteak sandwiches are a very small part of a Tucsonan's budget

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