Final answer:
Hard seltzer is predicted to have the most elastic demand, while alcohol is predicted to have the least elastic demand. In between, raspberry white claw falls.
Step-by-step explanation:
In the given table, the most elastic demand can be predicted for hard seltzer, while the least elastic demand can be predicted for alcohol. Raspberry white claw falls in between, indicating a demand elasticity that is neither highly elastic nor inelastic.
The price elasticity of demand for a good is impacted by the time horizon. In general, the demand for natural gas will tend to be more elastic in the short run than in the long run.
Demand can be classified as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small.
The four main types of elasticity of demand are price elasticity of demand, cross elasticity of demand, income elasticity of demand, and advertising elasticity of demand. They are based on price changes of the product, price changes of a related good, income changes, and changes in promotional expenses, respectively.