Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning.
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. Explain each one. Determine whether each of the following items is elastic or inelastic: bottled water, gourmet coffee, Apple cell phones, and gasoline. Explain your reasoning. Distinguish between a necessity and a luxury. How are the price elasticity of demand and total revenue related? Why is the price elasticity of demand important to pricing? Your initial post should be a minimum of 280 words. But, for the discussion questions, I require that you include the section number where you found your answers. For example: (Amacher & Pate, 2019, section 2.3). Please be thorough when answering each question.
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