What are the major determinants of a product's price elasticity of demand? Studies indicate that the demand for Florida oranges, Bayer aspirin, watermelons, and airfares to Europe are elastic. Why?

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Romarie Khazandra MarijuanLv10

28 Sep 2019

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The following graph shows two known points (X and Y) on a demand curve for oranges.

1.According to the midpoint method, the price elasticity of demand for oranges between point X and point Y is approximately (0.03, 0.05, 0.63, 1.6), which suggests that the demand for oranges is (elastic, inelastic)between points X and Y.

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What are the major determinants of a product's price elasticity of demand? Studies indicate that the demand for Florida oranges, Bayer aspirin, watermelons, and airfares to Europe are elastic. Why?

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