U NIT4Chapter 4: Problems 8, 10, 30
Section C100 C HAPTER 5
In William Bennet’s response to suggesting that drugs should be made legal, he is assuming that the average
elasticity is unitary.
It is true that “the demand to view the Mona Lisa painting is completely inelastic because there is only one, and
the artist is long dead”. This is because inelastic demand is defined as “small numbers of substitutes” and “small
budget shares”. Since the artist is dead and there is only one