Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:
- Bottled water
- Cookie dough ice cream
- Fresh green beans
In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.
Guided Response: Review the discussion board posts of your classmates. Note their responses to the determinants of price elasticity of demand. Respond to at least two of your classmates. Discuss with your peers the characteristics of an inelastic versus elastic good.
Carefully review the Discussion Forum Grading Rubric for the criteria that will be used to evaluate this Discussion Thread.