Question

Is the students' supply of learning tasks relatively elastic or inelastic? Explain.

Short answer

The elasticity of a product is heavily influenced by the availability of close substitutes.

In the case of gasoline, the presence of an alternate energy source may or may not act as a substitute.

Step-by-step solution

Given information 

The given sentences are : (1).

The elastic of a product largely depends

Explanation (1)

The availability of close substitutes greatly influences a product's elasticity. When substitutes are available, consumers can easily switch to them when the price of the product rises significantly. Similarly, if the price of any of a product's substitutes falls, demand for that product may fall.

Given information 

The given sentences are : (2).

that gasloine demand is becoming less inelastic.

Explanation (2)

In the case of gasoline, the presence of an alternative energy source may or may not serve as a substitute. As previously stated, the cross price elasticity of demand can be used to calculate the effect of changes in the price of substitutes on the demand product. Given that gasoline demand is becoming less inelastic, its demand may fall if the price of its substitute, such as battery power, falls.