The price elasticity of demand for chocolate chip cookies is likely to be , while the price elasticity of demand for arthritis medicine is likely to be .

elastic; inelastic

Explanation:

The price elasticity of demand for chocolate chip cookies is likely to be elastic, while the price elasticity of demand for arthritis medicine is likely to be inelastic.

Price elasticity of demand is the percentage change in demand divided by the percentage change in price. The price elasticity of demand for chocolate chip cookies is elastic because it is a luxury good, hence a change in price will affect the demand for chocolate chip cookies. On the contrary, arthritis medicine is a necessity, and hence even and increase in price will not affect its demand, hence the demand for arthritis medicine is inelastic.

this statement is true.

forests are public goods, available for everybody. when usage of such a good becomes interesting for consumers and its usage increases, there can be a risk of overexploitation. it is a non rival good therefore, if one person consumes the good it does not reduce the availability for subsequent consumers.

these caracteristics require the establishment of measures in order to prevent the destruction of a commonly owned space, for example, to restrict the amount of people that have access to the same time.

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