4 EASY Elasticity questions: economics?

A good with many close substitutes is likley to have a relatively elastic/inelastic demand? (which one elastic or inelastic?)

suppose a diamond necklace and an annual drug regimen for AIDS is $50,000. You would expect the demand of the diamond necklace to be (less elastic/more elastic/have the same elasticity) as the aids drug

Price elasticity of a good depends on the price of the goods relative to consumer incomes. of the following goods which has the most elastic demand?
1. pet food
2. plasma tv
3. salt
4. lighter fluid

Price elasticity of demand for a good depends on how one defines the good. Of the following categories which one has the least elastic demand?
1. bell peppers
2.food
3. red bell peppers
4. vegetables

elastic
more elastic
2
2

Elastic

I think Less elastic if many people is suffering from aids

2

2

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