1. For each of the following pairs of goods, which good would you expect to have more elastic demand and why?
B. b. Adele recordings or pop music recordings in general:
It should be noted that Adele's recordings will have a more elastic demand than pop music recordings in general.
The elasticity of demand explains how an increase or reduction in the price of a good will have an effect on the quantity of the goods that are demanded.
Elastic demand simply means when there is a change in price which then leads to a larger change in the quantity demanded of the product.
It should be noted that consumers can easily find a close substitute for Adele's recordings than pop music recordings in general. In this case, in a situation whereby there is an increase in the price of Adele's songs, consumers will listen to other pop star songs like Beyonce, Rihanna, etc.
