Question

Explain whether you think the supply
of the following goods is elastic or inelastic, and why.
(a) hotel rooms (b) taxi rides (c) photographs

Answer 1

Answer:

a) Hotel Rooms are inelastic because hotel rooms are fixed in supply and it take large amount of time to expand the number of rooms. (b) Taxi rides are elastic because the ride increase or decrease their duty time according to...

Explanation: