Gus buys cupcakes every Saturday morning. When he walks into the bakery, he always orders by saying, "Give me 10 cupcakes." What does this tell you about Gus's elasticity of demand for cupcakes?Gus's demand for cupcakes ismultiple choiceelastic.perfectly inelastic.unit-elastic.inelastic.perfectly elastic.

If a person only occasionally enjoys a cup of coffee, his demand for coffee would bea.inelastic.b.unit elastic.c.elastic.d.perfectly elastic.

When Picasso’s Gelato ice-creamery in Newtown raises the price of their triple waffle by 10 percent, quantity demanded falls by 5 percent. This indicates that: Group of answer choices Demand is elastic and own-price elasticity of demand equals -2. Demand is inelastic and own-price elasticity of demand equals -2. Demand is elastic and own-price elasticity of demand equals -½. Demand is inelastic and own-price elasticity of demand equals -½. None of the above.

Watch any adverstisement on media illustrating the inelastic demand for milk and elastic demand for soda. Based on the cartoons, make a GUESS below on what the difference is between elastic and inelastic demand. Do not worry if your guess is incorrect.

Demand is said to be elastic when the: Group of answer choicespercentage change in quantity demanded is less than the percentage change in price.percentage change in quantity demanded is greater than the percentage change in price.change in quantity demanded is less than the change in price.change in quantity demanded is greater than the change in price.

The price of apples falls by 5 percent and quantity of apples demanded increases by 6 percent. We conclude that the demand for apples is Group of answer choicesunit elastic.elastic.inelastic.perfectly elastic.