1. Discuss the relative price elasticity of the following products:
Mayonnaise: It is a unique flavor that is different from other spices. There aren’t many alternative options for this commonly used spread. The demand for Mayonnaise is not projected to change. Therefore, any change in price could negatively impact on the revenue meaning by having low price elasticity.
A specific brand of mayonnaise: Each one can provides many different brands of mayonnaise. For that reason, a price rise move back and forth buyers to another brand; elasticity is so high.
Chevrolet automobiles: Inelastic as the brand has been reduced in recent years. Therefore, they have high elasticity because there are many comparable alternate options to Chevrolet. Clients
