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22 October, 02:40

Consider the markets for BP supreme-grade gasoline, all BP grades of gasoline, and all gasoline. For which of these three markets will demand be most elastic? Demand will be most elastic for?

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  1. 22 October, 02:56
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    BP supreme-grade gasoline, then for all BP grades of gasoline, and then for all gasoline.

    Explanation:

    Demand will always more elastic for luxury good. Here, BP supreme-grade gasoline is considered as a luxury product. Then comes BP grades gasoline, which is less elastic than the previous one.
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