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1.Please use this google drive link to download the answer file.       

https://drive.google.com/file/d/1DASq8iQnWwuy3ZH3P2tozHZi5WcSlEfn/view?usp=sharing

Note: If you have any trouble in viewing/downloading the answer from the given link, please use this below guide to understand the whole process. 

https://helpinhomework.org/blog/how-to-obtain-answer-through-google-drive-link 

2.

a. Entertainment magazines have more elastic demand than Newspapers, because Entertainment magazines have close substitutes and are a luxury good, while Newspapers are a necessity with no close substitutes. If the price of Entertainment magazines were to rise, readers could substitute other types of magazines, or buy fewer magazines altogether. But if the price of Newspapers were to rise, people would have little choice but to pay the higher price. Thus, the quantity demanded of Newspapers is less responsive to price than the quantity demanded of Entertainment magazines.

b) K-pop recordings have more elastic demand than classical music recordings in general. K-pop recordings are a narrower market than classical music recordings, so it is easy to find close substitutes for them. If the price of K-pop recordings were to rise, people could substitute other classical recordings. But if the price of all classical recordings were to rise, substitution would be more difficult (a transition from classical music to rap is highly unexpected). Therefore, the quantity demanded of classical recordings is less responsive to price than the quantity demanded of K-pop recordings.

c) Heating oil during the next five years have more elastic demand than heating oil during the next six months. Merchandise have a more elastic demand over longer time . If the cost for oil was to rise temporarily, consumers could not switch to other forms of products without great expense or great inconvenience.But if the cost of oil was to remain high for a long time, people would gradually switch to alternative forms of products other than oil. As a result, the quantity demanded of heating oil during the next six months will be less responsive to change in the price than the quantity demanded of heating oil during the next five years.

d) Coca-cola has more elastic demand than soda. Coca-cola is a luxury with close substitutes, while soda is with no close substitutes. If the price of soda were to rise, consumers have little choice but to pay the higher price. But if the price of Coca-cola were to rise, consumers could easily switch to other sodas. So the quantity demanded of Coca-cola is more responsive to changes in price than the quantity demanded of soda.