The demand for gold toe socks is likely to be more elastic than the demand for power tools because:

The demand for gold toe socks is likely to be more elastic than the demand for power tools because, generally speaking, power tools would be a bit more expensive than gold toe socks would be, and they also may have more substitutes than power tools would have.

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Ritushar Ritushar · Answer 2 · 2019-09-23T14:42:12+02:00

The demand for gold toe socks is likely to be more elastic than the demand for power tools because the gold toe sock has more substitutes than the power tools

Further Explanation:

Price Elasticity: It measures the sensitivity of the demand for the services and goods to the change prices. If the demand is elastic then, the small change in price will result in the change in demand. If the demand is elastic then, the change in price will not effect the demand of the commodity.

The number of subsitutes available effects the elasticity of demand. If the number of subsitutes available is more then, demand will be elastic or vice versa. In the case of gold toe sock, there are many substitutes available that can replace the gold toe sock so the demand is elastic. But the

demand for power tools is less elastic because it has fewer subsitutes.

Learn more:

1. Demand and type of goods

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2. Demand and supply of goods

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3. Elasticity of demand

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Answer details:

Grade: High School

Subject: Economics

Chapter: Elasticity of demand

Keywords: The demand for gold toe socks is likely to be more elastic than the demand for power tools because, the gold toe sock has more substitutes than the power tools.