In the 1980s, automaker Porsche advertised its cars with this simple slogan: "Porsche, there is no substitute." What doe imply about the elasticity of demand for Porsches? O The reason people buy Porsches is because they are so rare. The less they produce, the more they sell. Porsches have an infinite demand. Porsches are complimentary goods with other cars. So the higher the demand for other cars, the higher the demand for Porsches will be. With no substitutes available, the demand for Porsches would likely be quite (or maybe even perfectly) inelastic.

In the 1980s, automaker Porsche advertised its cars with this simple slogan: "Porsche, there is no substitute." What doe imply about the elasticity of demand for Porsches? O The reason people buy Porsches is because they are so rare. The less they produce, the more they sell. Porsches have an infinite demand. Porsches are complimentary goods with other cars. So the higher the demand for other cars, the higher the demand for Porsches will be. With no substitutes available, the demand for Porsches would likely be quite (or maybe even perfectly) inelastic.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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