For each pair of items in questions 1 and 2 determine which


For each pair of items in questions 1 and 2, determine which product is more price elastic (would have a higher price elasticity of demand in absolute value). Explain your answer including identifying the determinant of elasticity.

1. Holiday to Europe and a bag of rice.

2. Weetbix (a brand of cereal) and electricity used in your home.

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Business Economics: For each pair of items in questions 1 and 2 determine which
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