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What would you predict about the relative price elasticity of demand for brown leather hiking boots?

The demand for brown leather hiking boots is:

A. More price elastic than the demand for hiking boots, since the product group of brown leather hiking boots is broader than the product group of hiking boots.

B. Less price elastic than the demand for hiking boots, since the product group of brown leather hiking boots is narrower than the product group of hiking boots.

C. Less price elastic than the demand for hiking boots, since the product group of brown leather hiking boots is broader than the product group of hiking boots.

D. More price elastic than the demand for hiking boots, since the product group of brown leather hiking boots is narrower than the product group of hiking boots.

Answer :

Final answer:

The relative price elasticity of demand for brown leather hiking boots compared to hiking boots in general depends on the product group of brown leather hiking boots. If the product group of brown leather hiking boots is broader than the product group of hiking boots, the demand for brown leather hiking boots would be more price elastic. However, if the product group of brown leather hiking boots is narrower, the demand would be less price elastic. therefore option (B) is correct

Explanation:

The relative price elasticity of demand for brown leather hiking boots compared to hiking boots in general depends on the product group of brown leather hiking boots. The product group of brown leather hiking boots can be either broader or narrower than the product group of hiking boots.

If the product group of brown leather hiking boots is broader than the product group of hiking boots, the demand for brown leather hiking boots would be more price elastic than the demand for hiking boots. This is because a broader product group indicates a higher availability of substitutes, making consumers more responsive to changes in price.

On the other hand, if the product group of brown leather hiking boots is narrower than the product group of hiking boots, the demand for brown leather hiking boots would be less price elastic than the demand for hiking boots. A narrower product group suggests a lower availability of substitutes, resulting in a less responsive demand to price changes.

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