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
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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 |
|
Philly Cheesesteak sandwiches are a very small part of a Tucsonan's budget |
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