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Physics

Answered

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?

Answer :

hamzafarooqi188 hamzafarooqi188

Today at 2:36 PM

Answer:

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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