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is it correct?

Which of the following is NOTlikely to be an example of a product with an inelastic demand?

cars

eggs

cigarettes

water

I chose Water. is it correct?

When the price of a pair of shoes is \$80, 10 pairs are demanded. When the price of the pair of shoes is \$60, 20 pairs are demanded. Using the initial value, the price elasticity of demand is ________ starting at a price of \$80 and ________ starting at a price of \$60.

3; 2

4; 3/2

2; 3

3/2; 4

I chose 3;2 is it correct?

Assume Sarah is a CPA who earns \$85,000 a year and her favorite entertainment magazine costs her \$15 a year. For her, the price elasticity of demand for the magazine is likely to be

inelastic.

perfectly elastic.

None of these

elastic.

I chose None of these. is it correct?