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Which products have steeper demand curves elastic or

Basic Economics-

1. Which products have steeper demand curves, elastic or inelastic products? Are products more elastic or inelastic in the long-run? Explain.

2. Is a demand for Lagunitas Beer more elastic or inelastic than Beer drinks generally? Explain.

3. Imagine you have two equations:

Quant. Demanded of i = 7000 - 600P_i - 200P^j + 0.1 INCOME. What is the relationship between product i and product j in the market?

4. Imagine that you take out a loan and use it to purchase a car in the year 2013. Deflation occurs in the following year. Is the person who took out debt better off or worse off? Explain why or why not.

5. What function do banks have that help the overall economy grow on a GDP basis? Explain.

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