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Sort the following statements based on whether demand is relatively elastic or relatively inelastic. There are four pairs of statements, each pair relating to a different determinant of demand elasticity.

Sort the following statements based on whether demand is relatively elastic or relatively inelastic There are four pairs of statements each pair relating to a d class=

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jayilych4real

The correct matching of the given scenarios are"

  • Klaus' demand for orange juice- Relatively elastic
  • Amanda's annual demand for coffee- Relatively elastic
  • Jackson's demand for mystery novels- Relatively inelastic
  • Hermy's demand for Minute Maid orange juice- Relatively inelastic
  • Olivia's daily demand for Starbucks latte- Relatively inelastic
  • Stephen spends a very little part of his income on soda- Relatively elastic
  • Xavier's demand for his economics textbook- Relatively inelastic

What is Elasticity of Demand?

This refers to the substantial change in demand of a particular product as a result of an economic factor.

With this in mind, we can see that inelastic demand has to do with the situation where the demand does not change regardless of the price change.

Read more about elasticity of demand here:

https://brainly.com/question/7966430

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