MIT economist Jerry Hausman has estimated the price elasticity of demand for Post Raisin Bran cereal to be minus
2.5
and the price elasticity of demand for all types of breakfast cereals to be minus
0.9.
The demand for Post Raisin Bran cereal is
and the demand for all types of breakfast cereals is
elastic, inelastic
Why might the demand for Post Raisin Bran cereal be more elastic than the demand for all types of breakfast cereals?
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